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TMI Blog2017 (11) TMI 1917X X X X Extracts X X X X X X X X Extracts X X X X ..... shares. In a petition under Sections 397 398 of the Companies Act, 1956, the then Company Law Board cancelled the allotment of share capital in favour of the appellant. On such cancellation, the amount is lying with the respondent company which has been shown as debt amount of ₹ 79,15,480/-. Though, the aforesaid fact has been disputed by the learned counsel for the respondent, but withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, the appellant has challenged the order dated 20th September, 2017 passed by Ld. Adjudicating Authority (National Company Law Tribunal) Ahmedabad Bench, Ahmedabad in Company Petition No. (IB) 92/7/NCLT/AHM/2017 whereby and whereunder the application preferred by appellant under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) has been rejected on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant come within the meaning of Financial Creditor under Section 5(8) read with Section 5(9) of the I B Code . Even if it is accepted that the amount has been shown to be a debt in the records of the Company, does not mean that the appellant is a Financial Creditor . 4. We find no merit in this appeal. It is accordingly dismissed. No Cost. 5. However, the impugned order passed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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