Corporate Insolvency Resolution Process Begins: Deposit Recognized as Financial Debt, Appellant Classified as Financial Creditor u/ss 5(7) & 5(8).

Initiation of CIRP - A deposit is something more than a mere loan of money - the Appellant’s status is that of a ‘Financial Creditor’ as per Section 5(7) read with Section 5(8) of the Code and that there is a default in payment of the accepted amounts by the Respondent/CD and in short, the Respondent / Corporate Debtor comes within the purview of the definition of ‘Financial Debt’ - AT .....

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