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2018 (5) TMI 1916 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - scope of Financial Creditor - Section 7 of IBC - territorial jurisdiction - HELD THAT:- The petitioner has failed to show that it is covered within the definition of the term “financial creditor” eligible to maintain a petition under Section 7 of the Code. We say for the reason that the amount disbursed to the corporate debtor does not in any way show that the same was against the consideration for time value of money and not falling within any of the clauses (a to (i) of sub-section 8 of Section 5 of the Code. There is no document relied upon by the petitioner with this petition about the terms of original disbursement of amount made to the respondent-corporate debtor so as to bring the case within the four corners of the definition of the term ‘financial debt’ as given in sub-section (8) of Section 5 of the Code - Perusal of the demand notice dated 16.03.2018 Annexure5 does not indicate that the amount was borrowed by the respondent on payment of interest or for consideration for the time value and the transaction is not shown to be covered under any of the sub clauses (b) to (i) of Section 5(8) of the Code. The petitioner can be considered as a financial creditor as defined in the Code and the application for initiating the insolvency resolution process cannot be maintained - Petition dismissed.
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