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2022 (5) TMI 486 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - whether the Corporate Debtor is liable to repay the monies back under the Harvesting and Transportation Loan? - Whether the IRP/Respondent was correct in rejecting the claim of the Applicant as Financial Creditor of the Corporate Debtor? - HELD THAT:- This Bench is of the considered opinion that the sanction letter dated 29.03.2017 issued by the applicant bank demonstrates that the loan is disbursed at the behest of the Corporate Debtor and that there is undertaking by the Corporate Debtor to repay the amounts due under the said loan to the applicant. It was expressly agreed by the Corporate Debtor that the H & T Contractors who have executed agreement for harvesting and the transportation works, they will provide sufficient work for harvesting and the transportation and the sugar factory shall deduct the amounts of instalments from the bills payable to the contractors. The amounts deducted shall be remitted to the bank towards repayment. It was further agreed that the sugar factory/Corporate Debtor shall pay the dues of H & T Contractors from their own sources if the bill is found to be insufficient for repayment. Application allowed.
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