Share Application Money Not 'Financial Debt' Under IBC; Lacks Time Value of Money Criteria and Valid Agreement Evidence.

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....The Appellate Tribunal dismissed the Section 7 application filed by the Appellant, ruling that the share application money deposited by the Appellant with the Corporate Debtor did not constitute a 'financial debt' u/s 5(8) of the Insolvency and Bankruptcy Code (IBC). The key points are: 1) For a debt to qualify as 'financial debt', there must be a disbursal against consideration for time value of money, and the transaction must fall within the ambit of sub-clauses (a) to (i) of Section 5(8). 2) Share application money is not expressly covered u/s 5(8). 3) The Companies (Acceptance of Deposits) Rules, 2014 apply only if the share application money was received pursuant to a private placement offer made in accordance with the Companies Act, 2.........