Corporate Insolvency Resolution Process: Loan Assignment Doesn't Change Status as Financial Debt Under CIRP.

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Full Text of the Document

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....Initiation of CIRP - transaction of Financial Debt or not - Loan taken by the Corporate debtor from the sister concern was assigned by the said sister concern to the present applicant - The basic nature of the loan as witnessed from the Loan Agreement (Annexure A-2) will not change. If it was a simple debt extended to the sister concern, merely because the original lender has now assigned the debt to the Appellant will not change the nature of the transaction. - AT....