9911796707
TMI Blog2024 (12) TMI 953X X X X Extracts X X X X X X X X Extracts X X X X ..... on under Section 9 is maintainable? - HELD THAT:- It would be suffice to note that a similar controversy has been decided by this Court earlier in the case of Minions Ventures Pvt. Ltd. [ 2023 (3) TMI 1213 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] in which exactly the same issue was raised and this Court categorically held that the case would not be covered by Section 5(8)(e) rather it shall be covered by Section 5(20) and 21(5) of the Code and hence the application filed under Section 7 is not maintainable. However, at the same time, the financers were not left remediless as they are relegated to avail their remedy to file an appropriate application in accordance with law under Section 9 of the Code. Thus, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount whereas rest of the amount is the interest. 3. The petition filed under Section 7 of the Code was filed on printed Performa on 30.12.2021 in which in part IV the date of default has been mentioned as 31.10.2021. 4. Case of the Financial Creditors is that the Corporate Debtor used to purchase goods (i.e. raw material) from Manohar Manak Alloys Pvt. Ltd. (Manohar Alloys). Manohar Alloys sold its unpaid invoices, which were to be paid at a future date, to KredX/Minion Ventures Pvt. Ltd. for facilitating quick recovery of funds. KredX is an online platform managed by Minion Ventures Pvt. Ltd. which provides invoice discounting facilities. KredX provides a market/platform for business owners to sell and investors to purchase invoice. It f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or discounted as contemplated in clause (e) of Section 5(8) of the Code and as such the application filed under Section 7 was maintainable and since the application could have been maintained by all the financial creditors together in view of Section 7(1) of the Code and that the amount involved is more than 1 Cr., beyond the threshold provided under Section 4 of the Code, admitted the application and appointed the IRP besides imposing moratorium. 9. At the time of preliminary hearing in this appeal on 11.04.2023, this Court had passed the following order:- Learned counsel for the Appellant submits that Section 7 application on behalf of Respondent No. 2 to 46 has been admitted who had purchased the invoices from the platform which invoices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We have heard Counsel for the parties and perused the record. 13. The facts enumerated hereinabove are not in dispute and the only issue which requires to be adjudicated upon is as to whether in the given facts and circumstances the financers / alleged financial creditors can maintain the application under Section 7 of the Code or it is a transaction of an operational debt for which an application under Section 9 is maintainable. In this regard, it would be suffice to note that a similar controversy has been decided by this Court earlier in the case of Minions Ventures Pvt. Ltd. (Supra) in which exactly the same issue was raised and this Court categorically held that the case would not be covered by Section 5(8)(e) rather it shall be cover ..... X X X X Extracts X X X X X X X X Extracts X X X X
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