9911796707
TMI Blog2022 (4) TMI 1593X X X X Extracts X X X X X X X X Extracts X X X X ..... SHA MERLA, MEMBER (TECHNICAL) For the Appellant : Mr. Sunil Singh Parihar, Advocate. For the Respondent : None ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the order dated 02.03.2020 by which Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("Code") filed by the Appellant has been dismissed. 3. The Appellant's case is that he has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 205(ND)/2017, between the parties along with that the Respondent failed to show any agreement to substantiate the fact that money was paid as a financial debt or that the money was paid against the payment of interest. Therefore, we find that the share application money does not fall under any of the clauses of Section 5(8) of the Code and it cannot be said to fall under the definition "a debt alo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot be treated to be a financial debt so as to enable the Appellant to trigger the Insolvency Process under Section 7 of the Code. 6. Learned Counsel for the Appellant submitted that a cheque was also issued which was dishonored. It is for the Appellant to take appropriate proceeding, if any, in accordance with the law. 7. We, however, are of the view that the Adjudicating Authority did not com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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