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2022 (4) TMI 569 - NATIONAL COMPANY LAW TRIBUNAL , ALLAHABAD BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The fact of disbursement of a sum of ₹ 40 Lakhs is not in dispute. It is also not in dispute that a sum of ₹ 60 Lakhs had to be paid after thirty months from the date of execution of the agreement between the parties on 25.05.2015, in case the Corporate Debtor failed to discharge its obligations thereunder. It is also noted that the Corporate Debtor has failed to provide the sale deed in terms of said agreement. A sum of ₹ 25 Lakhs has been acknowledged by the Financial Creditor to have been returned though the Corporate Debtor has claimed that a sum of ₹ 10 Lakhs have been paid back by the Corporate Debtor. However, no proof thereof has been brought on record to substantiate such claim - Be that as it may, even after taking into consideration said sum of ₹ 10 Lakhs, the amount claimed to be in default would remain more than ₹ 1 Lakh, considering both principal amount of ₹ 40 Lakhs given by the Financial Creditor or amount to be returned by the Corporate Debtor which was fixed at ₹ 60 Lakhs. Thus, this claim of the Corporate Debtor does not help the cause of the Corporate Debtor in any manner. In the reply the Corporate Debtor has not disputed the validity of the agreement dated 25.05.2015 and has merely taken pleas which is of commercial solvency of the Corporate Debtor or pressure tactic adopted by the Financial Creditor to extract maximum money, which are not relevant considerations as an application filed U/s. 7 of IBC, 2016 can be admitted once there is a debt which is due and payable and there occurred a default in repayment thereof. These conditions are satisfied in the present case. Application admitted - moratorium declared.
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