2020 (1) TMI 1532

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....Judicial) 1. The present application is filed on behalf of Mr. Rajnish Jain, promoter, stakeholder and MD Suspended Board of directors under Sec 60(5) of IBC,2016 read with Rule 11 of NCLT Rules,2016 for declaration of BVN traders to be "financial creditor" or not within the meaning of Section 5(8) of IBC,2016 2. The learned counsel for the applicant stated that the corporate debtor has never taken a loan from BVN Traders and has never created any charge or any kind of mortgage, over or of, Plot No. Y of 7/190(1), Swaroop Nagar, Kanpur-208002 in favour of BVN Traders as alleged by them.  3. It is further submitted that the ledger entries of Jain manufacturing (India Private Limited) in the books of account of BVN Traders, for ....

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....7. It is further stated that the RP has obtained a legal opinion from learned Advocate Mr. D.N. Awasthi and from transitional auditors from M/s Jan Ashwani & Co. regarding the status of BVN Traders whether the debt is operational or financial and they have given a specific opinion that M/s BVN Traders is not covered by definition of financial creditor as envisaged under section 5 (7) read with Section 5 Clause 8 of the IBC, 2016 and BVN Traders has also failed to submit any basic evidence regarding loan. 8. It is further submitted that in light of the order dated 19.08.2019 of this Tribunal ,the RP placed the matter before the COC in 4^th Meeting held on 30.08.2019 as agenda No. 11 where in the majority of COC members voted against the s....

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....dematerialized equivalent; c. Any amount 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 other than any receivables sold on nonrecourse basis; f any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; g. any derivative transaction entered into in connection with protection against or ....