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2020 (2) TMI 1078 - AT - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Status of Financial Debt - application dismissed taking into consideration the nature of transaction held that it is a pure and simple advancement of loan denuded of any element of time value for money - HELD THAT:- From the pleadings made by the parties, it is found that the amount allegedly stated to be the ‘debt’ is: a) Was not borrowed against the payment of interest. b) It is not the amount accepted/ raised under any credit facility. c) The amount has not been raised pursuant to any ‘Note Purchase Facility’ or issue of Bonds, Debentures, loan stock etc. d) The amount does not arise of any liability in respect of hire purchase contract, or lease or any other instrument to suggest that the Appellant is deemed as finance or capital lease. e) The amount has not been raised under any other transaction including any forward sale or purchase agreement having the commercial effect of borrowing. f) It is not the amount of any derivatives transaction entered into. g) The amount is not against any counter indemnity. h) It is not the amount of any liability in respect of any guarantee. In view of the aforesaid position of fact and there being a disputed question of fact relating to payment of amount for the purpose, there is no ground to interfere with the decision of the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi - appeal dismissed.
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