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Loan disbursed with commercial effect of borrowing is financial debt under Bankruptcy Code: NCLT

January 18, 2019[2019] 101 taxmann.com 253 (NCLT - New Delhi)
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IBC: Where applicant bank had sanctioned and disbursed loan amounts recoverable with applicable interest by entering into loan agreements with corporate debtor but corporate debtor had defaulted in repayment of loan amount, loan being disbursed against consideration of time value of money with a clear commercial effect of borrowing would come within purview of financial debt and applicant bank was financial creditor whose application under section 7 was to be admitted

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