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Financial Debt cannot be claimed Without Proof of Disbursement
Case Law Details
- Case Name
- Sudhir T Deshpande Vs Dhanada Corporation Limited (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Sudhir T Deshpande Vs Dhanada Corporation Limited (NCLT Mumbai)
On going through the facts and submissions of the Financial Creditor and the Corporate Debtor it is concluded that the Financial Creditor has not established that the money was disbursed to the Corporate Debtor and hence the question of default on the part of the Corporate Debtor does not arise.
Without proof of disbursement, the said amount cannot be claimed as financial debt, as a disbursement is a sine qua non for any debt to fall within the ambit of the definition of financial debt. Reliance is placed on Judg...
