Initiation of CIRP - Financial Debt or not - It is clear that ...

Case Laws Insolvency and Bankruptcy

August 23, 2022

Initiation of CIRP - Financial Debt or not - It is clear that the amount provided by PEC as financial assistance, and claimed by it as financial debt under IBC, is basically for purchase, shipment and export of iron ore fines in fulfilment of the foreign contract. This amount is certainly not an amount given by PEC Ltd. as a financial creditor to a corporate entity M/s Phulchand Exports to ensure its overall financial viability. - The amount as claimed by the Appellant does not fall in the category of ‘financial debt’ as defined in the IBC - the Adjudicating Authority has not erred in passing the Impugned Order, whereby the Section 7 application of the Appellant has been dismissed. - AT

View Source

← Previous Next →

Initiation of CIRP - Financial Debt or not - It is clear that ...

Case Laws Insolvency and Bankruptcy

August 23, 2022

You may also like:

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial...

The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

Initiation of CIRP u/s 7 - classification of Commission on sales - Financial Debt or not - threshold limit - The Adjudicating Authority analyzed the definition of...

Initiation of CIRP - Financial Debt or Operational Debt - existence of ‘Default’ or not - The contra views arrived at by the ‘Adjudicating Authority’ that the ‘Loan’ was...

Initiation of CIRP - Financial Creditors - Financial Debt - There is a difference between the levy of liquidated damages or penal interest for default and the financial...

Refusal to stay the proceedings initiated by the Respondent, Axis Bank Limited against the Appellant - The title “Insolvency and Bankruptcy Code” makes it amply clear...

Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The...

Admissibility of application - initiation of CIRP - Having made the payment prior to initiation of CIRP, we are of the view that the case of the Respondent/Applicant...

Initiation of CIRP - NCLT rejected the application - Financial Creditors - non-disbursement of part of financial assistance sanctioned by the Financial Creditors -...

Initiation of CIRP - Decree Holder - Financial Creditor - the debt in this case arising out of a decree, is a Financial Debt. - Section 3(11) of the Code defines debt as...

Initiation of CIRP - Financial Debt - Converion of Debt into Capital - Once the ‘Debt’ is converted into “Capital” it cannot be termed as ‘Financial Debt’ and the...

Initiation of CIRP - Financial Debt or not - Creditors were providing factoring services - Loan against Bill of exchange - the Financial Debt which is covered by...

CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

Initiation of CIRP - Financial creditor within the meaning of sub-section (7) of Section 5 of the IBC - The Supreme Court affirmed the NCLAT’s judgment, holding that the...

Initiation of CIRP - Financial creditors - The use of the word ‘if any’ clearly makes that it is not essential for all financial debt to be with interest. However, the...

Quick Updates: