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TMI Blog2021 (11) TMI 515X X X X Extracts X X X X X X X X Extracts X X X X ..... TING PVT. LTD. VERSUS RESOLUTION PROFESSIONAL OF MOUNT SHIVALIK INDUSTRIES LTD., MS. PRATIBHA KHANDELWAL [ 2021 (10) TMI 644 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH, NEW DELHI] . These Appeals are allowed and it is held that the debt owed to the Appellants, is a Financial Debt as defined under Section 5(8) of the IBC. - Company Appeal (AT) (Ins.) Nos. 781, 782, 668 and 669 of 2021 - - - Dated:- 29-10-2021 - Jarat Kumar Jain, J. (Member (J)) And Dr. Alok Srivastava, Member (T) For the Appellant : Abhijeet Sinha, N.P.S. Chawla, Shubhankar Agarwala and Aditya Shukla, Advocates For the Respondents : Abhishek Anand, Advocate JUDGMENT Jarat Kumar Jain, J. These Appeals have filed under Section 61 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CA (AT) (Ins) No. 782 of 2021. (ii) I.A. No. 202/JPR/2019 (Sushila H. Mehta Vs. RP for Mount Shivalik Industries Limited) Appeal CA (AT) (Ins) No. 781 of 2021. (iii) I.A. No. 205/JPR/2019 (Bishwanath Shaw Company Vs. The Interim Resolution Professional Ms. Pratibha Khandelwal for Mount Shivalik Industries Limited) Appeal CA (AT) (Ins) No. 668 of 2021. (iv) I.A. No. 212/JPR/2019 (Ajit Kumar Gupta Vs. RP for Mount Shivalik Industries Limited Ms. Pratibha Khandelwal) Appeal CA (AT) (Ins) No. 669 of 2021. 3. Being aggrieved with the impugned order, The Appellants have filed these Appeals. 4. Sach Marketing Pvt. Ltd. has also filed the Appeal CA (AT) (Ins) No. 180 of 2021 before this Appellate Tribunal against the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 39; from the Appellant and credited the interest for some time against such amounts for the period 2014-15, and bearing in mind the payment of interest on the amounts borrowed by the 'Corporate Debtor' is nothing but a consideration for the time value of money and the interest is being paid to the Appellant for using the money belonging to the Appellant over a period of time and hence we arrive at the conclusion that the status of Appellant is that of a Financial Creditor vis-a-vis the amount of 'Security Deposit' as per Section 5(7) read with Section 5(8) of the Code. We are of the considered view that the ratio of the Judgement of the Hon'ble Supreme Court in 'M/s. Orator Marketing Pvt. Ltd.' (Supra) is squarel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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