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2020 (1) TMI 1532 - NATIONAL COMPANY LAW TRIBUNAL ALLAHABADSeeking for declaration of BVN traders to be “financial creditor” or not - Section 5(8) of IBC, 2016 - HELD THAT:- This adjudicating Authority is of the view that as the COC has voted in majority in favour of BVN Traders as “financial creditor” and thus Suspended Management as well as Resolution Professional has no locus to challenge the commercial wisdom and decision of Committee of creditors with regard to determination of respondent as financial creditor. This adjudicating Authority declares “BVN Traders” as “financial creditor” as per Sec 5 (7) of IBC,2016 and the loan amount given by BVN traders to corporate Debtor is declared as “financial debt” under Sec 5(7) (1) of the IBC, 2016 - Application rejected.
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