Share application money didn’t constitute financial debt u/s. 5(8) of IBC: NCLAT Delhi

Murlidhar Vincom Pvt. Ltd. Vs Skoda (India) Pvt. Ltd. (NCLAT Delhi) NCLAT Delhi held that the amount given as share application money did not constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code 2016 (IBC). Thus, CIRP application u/s. 7 rightly rejected. Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellant arises out of the Order dated 22.03.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-VI) in CP (IB) No. 554 of 2023. By the impugned order, the Adjudicating Authority...