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TMI Blog2022 (9) TMI 536X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate Limited. 2. The Corporate Debtor was incorporated on 18.02.2014 as a private limited company with the Registrar of Companies, NCT of Delhi & Haryana. 3. To put succinctly, the facts of the case are that the Financial Creditor herein is the whole-time Director and Shareholder of the Corporate Debtor alongwith Mr. Kiran Pal and being the whole-time Directors, they are liable for day to day affairs and business operations of the Corporate Debtor. The Financial Creditor and Mr. Kiran Pal were appointed as whole time Director on 18/02/2014 and 05/05/2014 respectively. 4. Since the Corporate Debtor is in the business of construction and sale/purchase/rent/resale of any movable or immovable property including industrial, commercial, resid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Shailesh Sangani v. Joel Cardoso and another (Company Appeal (AT) (Insolvency) No. 616 of 2018) has observed that: "6. A plain look at the definition of financial debt' brings to fore that the debt alongwith interest, if any, should have been disbursed against the consideration for the time value of money. Use of expression 'if any' as suffix to 'interest' leaves no room for doubt that the component of interest is not a sine qua non for bringing the debt within the fold of financial debt'. The amount disbursed as debt against the consideration for time value of money may or may not be interest bearing. What is material is that the disbursement of debt should be against consideration for the time value of money. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the benefit of such stakeholders and that is the time value of the money constituting the consideration for disbursement of such amount raised as debt with obligation on the part of Company to discharge the same. Viewed thus, it can be said without any amount of contradiction that in such cases the amount taken by the Company is in the nature of a 'financial debt'." 12. Also, the Hon'ble NCLAT, Chennai Bench, in the case of Mrs. Jayanthi G. Ravi v. M/s. Chemizol Additives Private Limited (Company Appeal (AT) (Insolvency) No. 553 of 2020) has emphasized on inclusive nature of the definition of "financial debt" and observed that "It must be borne in mind that 'Financial Debt' under Section 5(8) of the I&.B Code, is an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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