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2022 (4) TMI 1593 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIDismissal of Application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 - amount given as Share Application Money - Financial Debt or not - HELD THAT:- Admittedly, the amount was given, as per the case of the Appellant, as a Share Application Money on which no share was allotted. Under some settlement, the principal amount was refunded and thereafter, the Application under Section 7 was filed by the Appellant - the Adjudicating Authority rightly took the view that the amount which was given by the Appellant as Share Application Money cannot be treated to be a financial debt so as to enable the Appellant to trigger the Insolvency Process under Section 7 of the Code. Learned Counsel for the Appellant submitted that a cheque was also issued which was dishonored. It is for the Appellant to take appropriate proceeding, if any, in accordance with the law. The Adjudicating Authority did not commit any error in rejecting the Application under Section 7 - There is no merit in the Appeal - The Appeal is dismissed.
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