TaxTMI 
TaxTMI 
2021 (3) TMI 1431
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....ellant who is claiming to be suspended Director of the Corporate Debtor - M/s. SRK Devbuild Private Limited. The Respondent No.1 - AU Small Finance Bank Ltd. filed Application - CP (IB) No.370/7/NCLT/AHM/2018 against the Corporate Debtor under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC - in short), which Application came to be admitted after hearing parties by the Adjudicating Authority (National Company Law Tribunal, Indore Bench at Ahmedabad) vide Impugned Order dated 3rd January, 2020. 2. The Appellant has filed this Appeal and in the Appeal, the Appellant raised grounds that the Application under Section 7 of IBC was not in the form prescribed under IBC; that the Statement of Account was not attached in accordance with th....
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....aid charge creation letter has been issued by the ROC in this regard. 19.6 The present I.B. Petition is filed by the duly authorised official of the Applicant Bank in a prescribed format under Section 7 of the I.B. Code annexing copies of loan documents confirming the existence of debt, debt due and defaulted and proposed a name of Resolution Professional to act as an Interim Resolution Professional (IRP)." 4. Today, when the matter has come up for arguments, the learned Counsel for the Appellant has stressed on the issue that the Application under Section 7 of IBC which was filed in August, 2018, copy of which is (Annexure - 1 (colly) page - 41), stated in Part- IV (2) that the amount in default was Rs.33,496,299/- as on 25th J....
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.... Lakh (as applicable at time concerned) the Application needs to be admitted. 7. The learned Counsel for the Appellant has argued and referred to Rejoinder and copies of Balance Sheets and in them referred at page of "Notes Forming Part of the Financial Statement as on 31st March, 2018" (Page - 51) and pointed out that in the Note No.5 as unsecured debt payable to the Respondent No.1, amount shown by the Corporate Debtor as due was only Rs.1.23 Crores. It is stated that this is the only amount which was due, and calculation of dues in Application under Section 7 was defective. Thus, financial debt due and in default is of more than Rs.1 Lakh. 8. In the present matter, the Corporate Debtor's account became NPA on 31st May, 2016, is ....
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....by the corporate debtor itself or a financial creditor or operational creditor. A distinction is made by the Code between debts owed to financial creditors and operational creditors. A financial creditor has been defined under Section 5(7) as a person to whom a financial debt is owed and a financial debt is defined in Section 5(8) to mean a debt which is disbursed against consideration for the time value of money. As opposed to this, an operational creditor means a person to whom an operational debt is owed and an operational debt under Section 5 (21) means a claim in respect of provision of goods or services." 10. We had kept this in view and after reproducing para - 28 of the said Judgement in our Judgement in the matter of "Vineet Kho....