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2022 (2) TMI 1434 - SCH - Insolvency and BankruptcyRejection of petition filed by the appellant under the Insolvency and Bankruptcy Code 2016 - it is latently and patently clear that once the Debt is converted into Capital it cannot be termed as Financial Debt and the Appellant cannot be described as Financial Creditor - HELD THAT:- A substantive appeal is provided against the decision of the NCLT under the provisions of Section 61(1) of the IBC. A further appeal to this Court under Section 62(1) is envisaged on a question of law. Hence, it is necessary for the NCLAT when an appeal is filed under Section 61(1) to evaluate the facts and the submissions independently and to record its reasons. The impugned order does not meet that standard. The impugned order set aside - appeal allowed.
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