Financial assistant in JVA by way of Inter-corporate Deposit doesn’t qualify as financial debt

Ansal Housing Limited Vs Samyak Projects Private Limited (NCLAT Delhi) NCLAT Delhi held that financial assistance given by the Appellant in a Joint Venture Agreement (JVA) by way of an Inter-Corporate Deposit (ICD) does not fall within the canvas of financial debt as defined u/s. 5(8) of the IBC. Hence, CIRP application u/s 7 not entertained. Facts- The present appeal filed u/s. 61 of Insolvency and Bankruptcy Code, 2016 by the Appellant arises out of the Order dated 28.02.2023 passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has dismissed the Section 7 a...