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2022 (9) TMI 141 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of dues of Financial Creditors - application not maintainable for want of valid authorization - maintainability also questioned on the ground that the loan advanced by the Appellant was converted into equity by her own act and conduct and as such it does not fall within the definition of financial debt which is due and payable. HELD THAT:- The facts are not much in dispute but, during the course of the hearing, Counsel for the Respondent was pertinently asked to show any document available on record indicating the consent by the Appellant for converting her loan into capital contribution. It is pertinent to mention that no such document was shown by Counsel for Respondent. Thus, in view of the fact that the loan advanced by the Appellant has been converted into capital contribution without her consent cannot be treated as a capital contribution in order to dismiss the application filed under Section 7 of the Code by her. No other point has been raised. Appeal allowed by way of remand.
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