Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2023 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (8) TMI 13 - AT - Insolvency and BankruptcyRemoval of appellant from Committee of Creditors - Financial Creditors or not - HELD THAT:- The judgement of this Tribunal in Namdeo Ramchandra Patil & Ors. [2022 (9) TMI 906 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHI] fully covers the issues and Adjudicating Authority has rightly referred to the Judgement holding that Appellant is not a financial creditor - The terms and conditions of development agreement entered between the appellant and the corporate debtor, Annexure 6 makes it clear that the appellant was a collaborator in the development agreement and not a financial creditor. There was no disbursement for time value of money by the appellant within meaning of Section 5(8) of the IBC. There are no error in the order impugned. The Appeal is dismissed.
|