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2018 (9) TMI 1298 - Tri - Insolvency and BankruptcyCorporate Insolvency Resolution Process - financial debt - Held that:- There is no document to show that the respondent company either accepted or undertook to repay the loan with interest. The applicant has failed to justify as to how without any provision of interest, the debt claimed in the application can be termed as a financial debt. Therefore, neither the present claim can be termed to be a ‘financial debt’ nor does the applicant come within the meaning of ‘financial creditor’. Once the applicant does not come within the meaning of ‘financial creditor’, he becomes ineligible to file the application under Section 7 of the Code. For the reasons stated above this petition fails and the same stands dismissed as not maintainable. We make it clear that any observations made in this order shall not be construed as an expression of opinion on the merit of the controversy and the right of the Applicants before any other forum shall not be prejudiced on account of dismissal of the instant application.
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