TMI Blog2022 (6) TMI 918X X X X Extracts X X X X X X X X Extracts X X X X ..... repayment. In the present case there is nothing to establish this. In summary jurisdiction, without adequate documentation, it is difficult to establish the purpose for which the money was lent and accepted. It is also not possible to establish whether there was any interest required to be paid. The time value of money is an important factor to be considered in order to establish whether this is a financial debt. Ex facie, this appears to be a petition which has been filed for recovery of money and not for resolution of the corporate debtor. The Insolvency Bankruptcy Code, 2016, should not be allowed to be used as an easy way of recovery of money. The present petition cannot be admitted under section 7 of the Code, and the same shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regarding the first cheque being dishonoured. In this said letter, it was also claimed that in case of failure to remedy the situation suitable action would be taken; (d) Letter dated 16th May 2016 letter written by one of the Financial Creditors i.e., Ms. Maya Goel, whereby she demanded the repayment along with accrued interest thereon (aggregating Rs. 19,38,000/-). Reply filed by the Corporate Debtor (Respondent) 4. In the reply, it has been claimed by the Corporate Debtor that no interest has ever been paid to the Financial Creditor. It is also claimed that there is no written agreement between the parties to substantiate this fact. 5. It has also been claimed that the transactions pertain to 2012 to 2014. Hence, the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2011-12, 2012-13 and 2013-14 whereas Mr. N.C. Goel has given loan in the Financial Year 2011-12, 2013-14 and 2015-16. In the absence of any documentation, we are unable to establish the date of default. The date of default can only be calculated when the tenure of the loan is established, or when there is a demand for repayment. In the present case there is nothing to establish this. 10. The petitioners were only happy so long as amounts towards interest was being received. From this, it is not possible to establish the tenure for which the loan was granted, and whether there was any notice demanding payment of the loan in question. As regards the interest, except for two letters of Corporate Debtor, no other evidence showing receipt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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