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2022 (3) TMI 282 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - entire case of the Appellant as well as the Respondent is based on an alleged oral agreement/arrangement and the correctness of the same can be verified only by leading evidence available to both the parties before the Civil Court and cannot be done in summary proceedings before NCLT/NCLAT - HELD THAT:- It is seen from the record that the Appellant has not disputed the rate at which the interest was payable either before the Adjudicating Authority or before this Tribunal and therefore the claim of the Appellant that interest was payable at 15% per annum is not substantiated by any documentary evidence. There are force in the contention of the Counsel for the Appellant that the amount remitted by the Appellant has been reflected in the Balance Sheet of the Respondent Company as ‘Long Term Borrowings’ due to its tenure being 10 years and later to be converted to ‘Investment’. The amount cannot be construed as a ‘default’ as on January, 2019. It is satisfying that the Appellant could not establish any ‘default’ on the part of the Respondent by way of any documentary evidence - It is also an admitted fact that the Balance Sheet of the Respondent which was relied on by the Appellant, perusal thereof, crystal clear that the amount was accepted by the Respondent for investment purposes. There is no illegality in the impugned order while dismissing the Application filed by the Appellant under Section 7 of the IBC, therefore, the impugned order passed by the Ld. Adjudicating Authority (National Company Law Tribunal), New Delhi, Bench-III is hereby affirmed - the appeal is dismissed.
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