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

Advertisement 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 dismisse...