https://www.taxtmi.com/caselaws?id=397933 An applicant sought directions to treat it as a secured financial creditor and include it in the CoC. The NCLAT held that the applicant's claim as a financial creditor had been rejected in 2017 and that determination, having not been challenged, had attained finality; the same relief could not be re-agitated in 2020 through an application under s.60(5) IBC, and the proffered justification was legally untenable; the application was therefore not maintainable and the appeal failed. Independently, on merits, the applicant had not disbursed any financial debt to the corporate debtor, and a mere pledge of shares by the corporate debtor for borrowings of third parties does not constitute guarantee/indemnity or a "financial debt"; hence the applicant was not a financial creditor and the appeal was dismissed. en-us Mon, 24 Aug 2020 00:00:00 +0530 Wed, 24 Dec 2025 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397933 An applicant sought directions to treat it as a secured financial creditor and include it in the CoC. The NCLAT held that the applicant's claim as a financial creditor had been rejected in 2017 and that determination, having not been challenged, had attained finality; the same relief could not be re-agitated in 2020 through an application under s.60(5) IBC, and the proffered justification was legally untenable; the application was therefore not maintainable and the appeal failed. Independently, on merits, the applicant had not disbursed any financial debt to the corporate debtor, and a mere pledge of shares by the corporate debtor for borrowings of third parties does not constitute guarantee/indemnity or a "financial debt"; hence the applicant was not a financial creditor and the appeal was dismissed. Case-Laws IBC Mon, 24 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397933