TaxTMI 
TaxTMI 
2020 (10) TMI 114
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....ereinafter called "Petitioner") against Minepro Minerals Private Limited (hereinafter called "Corporate Debtor") for initiation of Corporate Insolvency Resolution Process ("CIRP") under section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter called "Code") read with Rule 4 of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 ("Rules") alleging that the Corporate Debtor committed default in making payment of financial debt of Rs. 17,11,600/-. 2. The Petition reveals that as on 01.04.2017 a sum of Rs. 40,400/- is outstanding as due from the Corporate Debtor. This is as per the ledger account of the Corporate Debtor in the books of the Petitioner which is enclosed to the Petition at ....
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....17 028 492 324800 0 0 3/10/16 001468 001 244 200000 0 200000 2/12/16 00767A Bill No..: MMPL- 04/16-17 0 159600 40400 /2017 002741 Ag. Bill No.: MMPLH01/16- 17,MMPL-04/16-17 155 297 650000 0 690400 03/201 7 001876 RTG S 0 650000 40400 Closing Balance 4319200 4278800 40400 /2017 002741 Ag. Bill No.: MMPLH01/16- 17,MMPL-04/16-17 155 297 650000 0 690400 03/201 7 001876 RTG S 0 650000 40400 Closing Balance 4319200 4278800 40400 Account Ledger o....
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....en delivering goods to the Petitioner as per their requirements. d. The Petitioner in June 2017 approached the Corporate Debtor requesting supply of processed Bentonite Powder for Rs. 2,88,400/-. The Petitioner has paid Rs. 22,90,400/- in three stages as advance for the future transactions. e. The Petitioner conveyed to the Corporate Debtor that if the goods are of proper quality, the Petitioner will further order 370 mts of Bentonite Powder which costs around Rs. 17,00,000/-. f. Since the advance given by the Petitioner is more than the amount of goods to be supplied, the Corporate Debtor paid back Rs. 2,90,400/- to the Petitioner. The Corporate Debtor submits that they are required to supply 370 mts of processed....
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....tioner submits that a specific unsecured loan was given by the Petitioner to the Corporate Debtor on 24.01.2017 against which the supply of goods by the Corporate Debtor for Rs. 2,88,400/- was adjusted and the balance loan receivable is Rs. 17,11,600/-. 7. The Professional representing the Petitioner relied on the following judgments to buttress his points that the amount claimed is a financial debt: a. Judgment of Hon'ble NCLAT in the case of Shailesh Sangani vs. Joel Cardoso and Anr., MANU/NL/0051/2019, to say that it is not necessary that the financial debt should always carry interest, but the decision is distinguishable from the facts of case on hand. In Shailesh Sangani's case, the financial creditor is also a shareholder ....
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....e law is also of no avail to the Petitioner. 8. The Hon'ble NCLAT in the case of - Nikhil Mehta & Sons Vs. AMR Infrastructure Ltd. MANU/NL/0041/2017 and in the case of B.V.S.Lakshmi Vs.Geometrix Laser Solutions Private Limited MANU/NL/0221/2017- held that the key feature of financial transaction as postulated by section 5(8) is the consideration for time value of money. 9. The Hon'ble Supreme Court in the case of Swiss Ribbons Pvt. Ltd. and Ors. Vs. Union of India (UOI) and Ors. MANU/SC/0079/2019 held as below: "23. A perusal of the definition of "financial creditor" and "financial debt" makes it clear that a financial debt is a debt together with interest, if any, which is disbursed against the consideration for time value o....
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....- (i) any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and (ii) the expressions, "allottee" and "real estate project" shall have the meanings respectively assigned to them in Clauses (d) and (zn) of Section 2 of the Real Estate (Regulation and Development) Act, 2016 (16 of 2016);22 (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bo....