9911796707
TMI Blog2021 (3) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority is of the view that as the applicants failed to produce any document to show that the applicant has given the money to the corporate debtor as it was contended that the amount was transferred to the personal account of the intermediary as well as the personal account of the directors and failed to establish that the amount was given to the corporate debtor. Therefore, the case of the applicant does not comes under any of the provision section 5(8)(a) to (i) of the I and B Code, thus cannot be considered as financial debt and neither the applicant comes under the definition of the financial creditor in view of section 5(7) of the IB Code. This Adjudicating Authority is of the considered view that in absence of any document or agr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e loan in September, 2014, to help the corporate debtor for construction of their hospital and later the directors themselves requested the financial creditor for the loan amount as they needs funds in their company. 3. It is contended on behalf of the petitioner, who was present in person, that he is a superannuated Officer of the Armed Forces whose major part of the post retired dues have been taken away from him in the manner as detailed in the present case, making him to believe that it is being taken as a loan on payment of monthly interest for a limited period for the purposes of development of the respondent hospital. Therefore, the present application has been filed. 4. It is further stated that the petitioner has transferred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any amount. A joint criminal complaint was also filed, in which both the respondent approached the Allahabad High Court for quashing the FIR. But the hon'ble High Court found merit and substance in the FIR and ordered for continuation of case at District Court. Then the police filed charge sheet and warrant for appearance was issued but the respondent did not appear. 7. It is also contended that the directors in turned on few occasion used it to pay to contractors for work of construction of hospitals and the directors of the corporate debtor failed to pay back the loan amount and in response to the meeting along with mediators, full details of loan disbursement was provided to the respondent as well as three mediators in which respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the applicant claim to have deposited in the account of the respondents. Further the applicant also has not filed any documents to prove as to what was agreed term of interest, which the applicant are entitled to get in case of default of payment. 11. Before considering the application it is necessary to consider whether the applicant have succeeded in establishing that the amount deposited by him comes under the definition of financial debt as referred in section 5(8) of the IB Code and the same is quoted below : financial debt ' means a debt along with interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest ; (b) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution ; (i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause ; 12. Mere plain reading of provisions shows that the financial debt means the debt along with interest, if any, which is disburse against the consideration for time value of money and includes the debt which has been referred in sub-clauses (a) to (i) and after considering the application it is observed that the amount that has been deposited by the applicant and the claim made by him no where is supported by any document to proof his contention and whatsapp conversatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opriate forum for redressal of his grievances if he so chooses to do. 16. So for the reasons discussed above, it is of the view that the application filed under section 7 is not in accordance with the provision of law and is not complete, thus this application is not liable to be admitted. 17. Therefore, in this Adjudicating Authority is of the opinion that the applicant failed to bring on record the default recorded with the information utility or such other record or evidence as may be specified which is necessary to proceed for admitting the petition under section 7 of the I and B Code. Accordingly, it is therefore, ORDERED that the prayer to initiate proceedings under section 7 of the IBC against the Tripathi Hospital ..... X X X X Extracts X X X X X X X X Extracts X X X X
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