Attachment and proclamation of sale of immovable property: limitation treated from financial year end; proclamation held within period, petition dismi...
Second Schedule attachment and validity of a post-notice mortgage: TRO cannot declare mortgage void ab initio; sale and appropriation allowed thereaft...
Limitation for final assessment under sections 144C and 153 treated jointly, resulting in quashing of timebarred assessment order and liberty to reviv...
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A financial debt under the IBC requires disbursement to the borrower against consideration for the time value of money. Here, the appellant had only allowed its properties to be used as collateral for the corporate debtor's bank borrowing, and the post-dated cheques and indemnity did not create a disbursement by the appellant or a security interest in favour of the corporate debtor. The NCLAT therefore set aside the classification of the appellant as a secured financial creditor. It also held that the claim was filed within time and was not rejectable as delayed, but the appellant's entitlement could be admitted only as an other creditor, subject to the resolution plan.
A financial debt under the IBC requires disbursement to the borrower against consideration for the time value of money. Here, the appellant had only allowed its properties to be used as collateral for the corporate debtor's bank borrowing, and the post-dated cheques and indemnity did not create a disbursement by the appellant or a security interest in favour of the corporate debtor. The NCLAT therefore set aside the classification of the appellant as a secured financial creditor. It also held that the claim was filed within time and was not rejectable as delayed, but the appellant's entitlement could be admitted only as an other creditor, subject to the resolution plan.
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