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2020 (12) TMI 371 - Tri - Insolvency and BankruptcySeeking directions against the Interim Resolution Professional (IRP) - It is submitted by the respondent that the only documents annexed with Form C of the applicant are balance sheets of the company for the financial years beginning from 2008-09 till 2014-15 and the calculation of interest which has been assumed @12% p.a. is based on the prime lending rate of SBI as benchmark - HELD THAT:- The Respondent has neither denied nor rejected the claim of the applicant rather has only advised to file the claim under Form F which is for 'other creditors' as no relevant documents have been brought forth by the applicant to support his claim of being a Financial Creditor. The Respondent/RP has not rejected the claim of the Applicant. It has only sought clarificatory documents and in the absence of such documents, advised the applicant to files his claim in Form-F. The HBN Dairies and Allied Ltd. cannot be admitted to be a Financial Creditor, in absence of appropriate supporting documents to prove its claim as Financial Creditor. As per the Code, for a claimant to be categorized as Financial Creditor, there has to be a financial debt as per Section 5(8) of the Code, which is a debt disbursed against the consideration for time value of money. The amount of ₹ 61,31,09,115/- outstanding payable to HBN Dairies and Allied Ltd. does not have the essential ingredients of financial debt and does not fall under Section 5(8) of the Code, unless proven otherwise by necessary documents - the present application fails and is rejected.
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