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Case Law Details

Case Name : Sudhir T Deshpande Vs Dhanada Corporation Limited (NCLT Mumbai)
Appeal Number : CP (IB) 4671/MB/2018
Date of Judgement/Order : 26/08/2022
Related Assessment Year :
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 Judgment of the Hon’ble National Company Law Appellate Tribunal in Dr. B.V.S Laxmi Vs. Geometrix Laser Solution Private Limited [2018] 142CLA321:

“30. In the present case, the Appellant has failed to bring on record any evidence to suggest that she disbursed the money has been made against ‘consideration for the time value of money’. There is nothing on the record to suggest that the Respondents borrowed the money. In absence of such evidence, the Appellant cannot claim that the loan if any given by the Appellant comes within the meaning of ‘financial debt’ in terms of sub-section (8)(a) of Section 5 of the ‘I & B Code”.

FULL TEXT OF THE NCLT JUDGMENT/ORDER

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