2018 (5) TMI 1916

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....here-in-after as the 'Code')  for initiating insolvency resolution process against the respondent corporate debtor M/s K.C.Land & Finance Limited. The registered office of the corporate debtor is at District Nawan Shahr (SBS Nagar) in the State of Punjab and therefore, the matter falls within the territorial jurisdiction of this Tribunal. 2. The application has been filed in Form 1 as prescribed in Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity the 'Rules'). It is stated that the financial creditor lent Rs.4.40 crores to the corporate debtor in June, 2013. The petitioner-financial creditor received the cheques against repayment of the said loan, which were dishonoured from ....

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.... sent at the official e-mail i.d. of the corporate debtor. After issuance of the notice, an amount of Rs.15,00,000/- has been received on 20.04.2018. 7. We have heard the learned counsel for the petitioner and perused the record and are of the firm view that the petitioner has failed to show that it is covered within the definition of the term "financial creditor" eligible to maintain a petition under Section 7 of the Code. We say for the reason that the amount disbursed to the corporate debtor does not in any way show that the same was against the consideration for time value of money and not falling within any of the clauses (a to (i) of sub-section 8 of Section 5 of the Code. 8. The term 'financial creditor' as per sub-section 7 of S....

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....spect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution." 10. The documents relied upon by the petitioner mainly are the ledger account of the respondent maintained by the petitioner as at Annexure-4 from pages 69 of the paper book. There is an initial entry dated 17.04.2013 by RTGS transfer of an amount of Rs.50,00,000/- in the account  of the corporate debtor. The other entries are the transfer of Rs.10,00,000/- on 29.04.2013 by cheque, another entry of the even date by RTGS transfer to the tune of Rs.30,00,000/-. The last entry relating to the disbursement of Rs.3,50,00,000/- by RTGS transfer is dated 28.06.2013. The petitioner has not stated anywhere th....