https://www.taxtmi.com/caselaws?id=295522 The Tribunal dismissed the application under Section 7 of the IBC, 2016, ruling that the claims of the Financial Creditors did not qualify as "financial debt" under Section 5(8) of the IBC. The Tribunal determined that the amounts deposited were considered deposits under the Companies Act, 2013, allowing the Financial Creditors to seek repayment under relevant provisions. Additionally, the Tribunal found no default in payment of debt as defined by Section 3(12) of the IBC, ultimately denying the application and suggesting alternative legal remedies for the Financial Creditors to recover their funds. en-us Thu, 12 Mar 2020 00:00:00 +0530 Tue, 08 Jun 2021 09:09:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295522 The Tribunal dismissed the application under Section 7 of the IBC, 2016, ruling that the claims of the Financial Creditors did not qualify as "financial debt" under Section 5(8) of the IBC. The Tribunal determined that the amounts deposited were considered deposits under the Companies Act, 2013, allowing the Financial Creditors to seek repayment under relevant provisions. Additionally, the Tribunal found no default in payment of debt as defined by Section 3(12) of the IBC, ultimately denying the application and suggesting alternative legal remedies for the Financial Creditors to recover their funds. Case-Laws Insolvency and Bankruptcy Thu, 12 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295522