2022 (2) TMI 1434

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..... apital it cannot be termed as Financial Debt and the Appellant cannot be described as Financial Creditor - HELD THAT:- A substantive appeal is provided against the decision of the NCLT under the provisions of Section 61(1) of the IBC. A further appeal to this Court under Section 62(1) is envisaged on a question of law. Hence, it is necessary for the NCLAT when an appeal is filed under Section 61(1 .....

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..... sions of law, it is latently and patently clear that once the Debt is converted into Capital it cannot be termed as Financial Debt and the Appellant cannot be described as Financial Creditor . 2 Apart from narrating the facts and the findings of the NCLT, there has been no independent application of mind by the NCLAT to the submissions which were urged on behalf of the appellant. 3 A substantive a .....

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