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2019 (8) TMI 914 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIInitiation of CIRP - financial creditor or not - disbursement made for consideration of time value of money - Tri-partite agreement - Section 7 of the Insolvency and Bankruptcy Code, 2016 - whether appellant, Indiabulls Housing Finance Ltd, can claim to be a ‘Financial Creditor’ of Respondent, Rudra Buildwell Projects Pvt Ltd (Corporate Debtor)? HELD THAT:- In terms of Clause 5(8) of I&B Code, if disbursement is made for consideration of time value of money, a person can claim to be a financial creditor with regard to amount paid - Admittedly the appellant, IHFL, has disbursed the amount for consideration of time value of money in favour of borrower, Mr. Davender Singh and not to the builder. Therefore, the Adjudicating Authority has rightly held that Rudra Buildwell Projects Pvt Ltd is not the corporate debtor of the appellant and the application under Section 7 of I&B Code is not maintainable. Appeal dismissed.
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