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A 'Power of Attorney Holder' is not empowered to file application on behalf of financial creditor: NCLT

October 12, 2020[2020] 120 taxmann.com 141 (NCLT - Mum.)
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IBC : Where as per Memorandum of Understanding (MoU), corporate debtor agreed to purchase a flat from operational creditor and paid earnest money, however, cheque issued towards payment of balance sale consideration got dishonoured and in view thereof, corporate debtor intimated to operational creditor its inability to purchase flat and terminated MoU and also requested operational creditor to refund earnest money, which operational creditor refused to do and instead filed a complaint under section 138 and subsequently filed instant CIRP application, since, no goods or services have flowed form operational creditor to corporate debtor, such transaction could not be considered as operational debt, however, nature of transaction was more in nature of specific performance of transaction which could be enforced in a civil court, thus, instant CIRP petition was to be rejected

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