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2018 (2) TMI 447 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - whether Appellant is not a ‘Financial Creditor’? - a loan advanced against the time value of money - according to Appellant, the Time value of money to be calculated by expected future value of the Appellant’s investment in the Respondent for allowing it to continue as a “on-going concern” and to make profits. - Held that:- In the present case, the Appellant has failed to bring on record any evidence to suggest that she disbursed the money has been made against ‘consideration for the time value of money’. There is nothing on the record to suggest that the Respondents borrowed the money. In absence of such evidence, the Appellant cannot claim that the loan if any given by the Appellant comes within the meaning of ‘financial debt’ in terms of sub-section (8)(a) of Section 5 of the ‘I&B Code’. The Appellant has also failed to show that the amount has been raised by Respondent under any other transactions, such as sale or purchase agreement, having commercial effect of borrowing. In absence of any such evidence, the Appellant cannot claim that loan amount, if any given to the Respondent comes within the meaning of ‘financial debt’, as defined under sub-section (8)(f) of Section 5 of the ‘I&B Code’. We hold that the Adjudicating Authority rightly held that the Appellant is not a ‘Financial Creditor’. Appeal dismissed.
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