2019 (1) TMI 331

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ya, Chairperson And Mr Bansi Lal Bhat, Member (Judicial) For The Appellant : Mr. Arvind Kumar Gupta, Ms. Henna George, Mr. Shreya Mathur and Mr. Atul Batra, Advocates For The Respondents : Mr. Ramji Srinivasan, Senior Advocate with Mr. Sonal Jain, Mr. Naveen Hegde, Ms. Aishwarya, Advocates. Ms. Heena Sharma, Mr. Ishkaran Singh and Mr. Abhishek Anand, Advocates. Mr. Anant A. Pavgi, Advocate f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ial Creditor') and they sent the notice by Speed Post, which was never received by the Appellant. Therefore, according to Appellant, the admission order dated 11th May, 2018 is bad having been passed ex parte by misleading the Adjudicating Authority. 3. Learned counsel for the Appellant submitted that there was no provision for filing an application under Section 7 of the 'I&B Code' against the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; (d) the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted ot....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s (a) to (h) of this clause" 4. Clause (i) of sub-section (8) of Section 5 shows that any liability in respect of any 'guarantee' or 'indemnity' for any of the items referred to in sub-clauses (a) to (h) comes within the meaning of 'Financial Debt'. The 'Corporate Debtor' having given 'guarantee' on behalf of the principal borrower for the items referred to in sub-clause (a), guarantor company ....