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2022 (12) TMI 272 - AT - Insolvency and BankruptcyForfeiture of right to file reply - Financial Debt or not - financial assistance or loan - HELD THAT:- It is seen from the material on record that first notice was directed to be issued by the Adjudicating Authority on 09.12.2019 and Ms. Shivangi Agarwal had appeared before the Adjudicating Authority and offered to file her vakalatnama on 20.01.2020. On 06.02.2020 time was sought to file Reply and the matter was adjourned. On 05.03.2020, the Respondent Counsel was absent. On 08.02.2021, since the matter was taken up after the covid situation, the Counsel for the Petitioner was directed again to issue a notice informing the Respondent regarding the next date of hearing - there is no illegality in the Order of the Adjudicating Authority in forfeiting the right of the Appellant in filing a Reply. The amount is a ‘Financial Debt’ or not - HELD THAT:- The Promisory Note only indicates that there was an acknowledgement of a debt to be repaid with interest. It is significant to mention that the Financial Creditor had not sought for enforcement of this promisory note and therefore, the question of it being stamped and the provisions of Indian Stamp Act, 1899 being applicable, does not arise in this case. The material on record evidences that the amount of Rs. 1 Crore disbursed to the Corporate Debtor has the essential ingredients of a Financial Debt as defined under Section 5(8) of the Code. It is submitted by the Resolution Professional that the Resolution Plan is under consideration and the time has expired on 09.10.2022. For the aforenoted reasons, we do not see any substantial grounds to set the clock back and hence this Appeal is dismissed accordingly.
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