https://www.taxtmi.com/highlights?id=56574 Financial Creditors or not - a person having only security interest over the assets of corporate debtor, even if falling within the description of 'secured creditor' by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per definitions contained in sub-section (7) and (8) of Section 5. What has been held by this Court as noted above is fully attracted in the present case where corporate debtor has only extended a security by pledging 40,160 shares of GEL. The appellant at best will be secured debtor qua above security but shall not be a financial creditor within the meaning of Section 5 sub-sections (7) and (8). - SC en-us Thu, 04 Feb 2021 08:36:27 +0530 Thu, 04 Feb 2021 08:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=56574 Financial Creditors or not - a person having only security interest over the assets of corporate debtor, even if falling within the description of 'secured creditor' by virtue of collateral security extended by the corporate debtor, would not be covered by the financial creditors as per definitions contained in sub-section (7) and (8) of Section 5. What has been held by this Court as noted above is fully attracted in the present case where corporate debtor has only extended a security by pledging 40,160 shares of GEL. The appellant at best will be secured debtor qua above security but shall not be a financial creditor within the meaning of Section 5 sub-sections (7) and (8). - SC Highlights Insolvency and Bankruptcy Thu, 04 Feb 2021 08:36:27 +0530 https://www.taxtmi.com/highlights?id=56574