TMI Blog2018 (5) TMI 1916X X X X Extracts X X X X X X X X Extracts X X X X ..... document relied upon by the petitioner with this petition about the terms of original disbursement of amount made to the respondent-corporate debtor so as to bring the case within the four corners of the definition of the term financial debt as given in sub-section (8) of Section 5 of the Code - Perusal of the demand notice dated 16.03.2018 Annexure5 does not indicate that the amount was borrowed by the respondent on payment of interest or for consideration for the time value and the transaction is not shown to be covered under any of the sub clauses (b) to (i) of Section 5(8) of the Code. The petitioner can be considered as a financial creditor as defined in the Code and the application for initiating the insolvency resolution proces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o filed a Winding up petition i.e. CP No.122/2015 against the corporate debtor under the Companies Act, 1956 before the Hon ble High Court of Punjab and Haryana under Sections 433, 434 and 439 of the said Act. The amount has not been paid despite the service of the statutory notice. The corporate debtor has chosen not to put in appearance before the Hon ble High Court. 3. However, during the pendency of the petition, the corporate debtor entered into a compromise agreement dated 20.05.2017 for an amount of ₹6 crores in full and final settlement and issued post-dated cheques from 20.05.2017 to 31.05.2018 drawn on Oriental Bank of Commerce, Ambedkar Chowk, Nawan Shahr. Each of these cheques is for an amount of ₹15 lacs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a person to whom such debt has been legally assigned or transferred to. 9. Sub-section 8 of Section 5 of the Code defines the term financial debt , which reads as under: financial debt means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes- (a) money borrowed against the payment of interest; (b) any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent; (c) any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purcha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the amount of ₹4.40 crore was disbursed by the time value of money. The same amount is further carried forward in the ledger account for the financial year 2014-15 as at page 70 of the paper book; for the year 2015-16 at page 71; for the year 2016-17 at page 72 and for the year 2017-18 as at page 73 of the paper book. At page 73 of the paper book, there is entry of addition of ₹1,60,00,000/- being the amount as per the compromise agreement dated 20.05.2017. This ledger statement also shows that the some of the payment made by cheques, but entries were reversed due to dishonour of cheques. The amount of ₹15,00,000/- is said to have been received by RTGS transfer on 20.04.2018 and thereby showing the balance of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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