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2019 (4) TMI 1845 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - whether the amount paid by the petitioner is covered by Section 5(8) of the Insolvency & Bankruptcy Code? - HELD THAT:- It is a pure and simple advancement of loan denuded of any element of time value for money. Therefore, such a transaction would not acquire the status of a 'financial debt' as the transaction does not have consideration for the time value of money, which is a substantive ingredient to be satisfied for fulfilling requirements of the expression 'Financial Debt'. We are unable to persuade ourselves to accept that the petitioner is covered by the expression "Financial Creditor" in term. Therefore, the petitioner does not answer the description of Section 7 read with Section 5(7) & 5(8) of IBC. The petition is accordingly dismissed.
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