https://www.taxtmi.com/highlights?id=55281 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 en-us Sat, 24 Oct 2020 18:12:54 +0530 Sat, 24 Oct 2020 18:12:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=55281 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 Highlights Insolvency and Bankruptcy Sat, 24 Oct 2020 18:12:54 +0530 https://www.taxtmi.com/highlights?id=55281