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Insolvency and BankruptcyDecember 7, 2022Case LawsAT
Forfeiture of right to file reply of Corporate debtor - Financial Debt or not - 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. - AT
Forfeiture of right to file reply of Corporate debtor - Financial Debt or not - 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. - AT
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