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IBC - Highlights / Catch Notes

Home Highlights October 2020 Year 2020 This

Initiation of CIRP - the share application money does not fall ...

Insolvency and Bankruptcy

October 24, 2020

Initiation of CIRP - the share application money does not fall under any of the clauses of Section 5(8) of the Code and it cannot be said to fall under the definition "a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money" since no debt was disbursed by the Applicant to the Respondent and no time value has been attached with the share application money. Thus, since the claim is not a financial debt the present application under Section 7 of the Code is not maintainable and is dismissed with no costs. - Tri

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