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TMI Blog2020 (1) TMI 1532X X X X Extracts X X X X X X X X Extracts X X X X ..... es BVN Traders as financial creditor as per Sec 5 (7) of IBC,2016 and the loan amount given by BVN traders to corporate Debtor is declared as financial debt under Sec 5(7) (1) of the IBC, 2016 - Application rejected. - CA No.142 of 2019 IN CP(IB) No.422/ALD/2018 - - - Dated:- 23-1-2020 - Hon ble Mr. Justice (Retd.) Rajesh Dayal Khare, Member, Judicial For the Resolution Professional: Dr. Ram Kumar Mishra, PCMA For the applicant: Mr. Mayank Srivastava, Ad For the respondent: Mr. Shuhham Agarwal, Adv Order Per se: Mr. Justice (Retd.) Rajesh Dayal Khare, Member (Judicial) 1. The present application is filed on behalf of Mr. Rajnish Jain, promoter, stakeholder and MD Suspended Board of directors under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eation of charge or mortgage. 5. It is further stated that Jain Manufacturing India Private Limited was not having knowledge of the alleged loan till the first meeting of the COC i.e. 23.03.2019. 6. The counsel for RP stated that the said claim was admitted by IRP, as a financial creditor wherein the security interest has been shown by way of possession of original title deed of plot no. Y of 7/190 (1), Swaroop Nagar, Kanpur. The RP revisited the claim and found that the alleged financial creditor M/s BVN Traders has failed to file any conveyance deed as per requirement of Section 55 of TPA 1882. 7. It is further stated that the RP has obtained a legal opinion from learned Advocate Mr. D.N. Awasthi and from transitional auditors fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also in its 4 th meeting has voted in majority in favour of BVN Traders as an financial creditor. 10. As per section 5(7) of the IBC, Financial creditor means any person to whom financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to. As per section 5(8) of the IBC 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. Any amount raised by acceptance under any acceptance credit facility or its dematerialized equivalent; c. Any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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