2019 (8) TMI 914

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....dated 30.11.2018 passed by the Adjudicating Authority (National Company Law Tribunal), Special Bench, New Delhi rejecting the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) filed by the appellant. 2. The question arises for our consideration is whether appellant, Indiabulls Housing Finance Ltd, can claim to be a 'Financial Creditor' of Respondent, Rudra Buildwell Projects Pvt Ltd (Corporate Debtor). The case of the appellant is that as per request of the borrower, Sh Devender Singh and Ms Sushma Rajput, the appellant sanctioned loan of Rs. 74,20,160/- on 6th April, 2015. The loan agreement was executed between appellant and the borrower on 6th April, 2015 and the aggregate loan amount sanctioned vide sa....

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....nce Ltd is the financial creditor. As per the tripartite agreement dated 6th April, 2015, the borrowers informed the appellant about the scheme of arrangement between the borrower and the builder in terms whereof the builder assumed the liability on account of interest payable by the borrower to the IHFL during the period to be referred to as the "Liability Period" in terms of 24 months i.e. till 30th April, 2017 (Clause 4 of Tripartite Agreement dated 6.4.2015). As the builder in terms of the said agreement assumed the liability of interest payable by the borrower to the IHFL for the period till 30th April, 2017 paid the amount in favour of the IHFL, as noticed above. Section 5(7) of Insolvency & Bankruptcy Code, 2016 defines "financial cr....