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Collateral security given by corporate debtor for loan of a third party can't be treated as debt u/s 5(8)

June 28, 2019[2019] 106 359 (NCLT - Mum.)

IBC: Where principal borrower availed loan from bank and said loan was secured by pledge of borrower's shares held by corporate debtor, since security given by corporate debtor was merely a collateral security and same could not be treated as debt under section 5(8) and there was no guarantee given by corporate debtor, applicant bank could not be treated as financial creditor of corporate debtor

IBC: Where appeal against order passed by liquidator rejecting applicant bank's claim was filed belatedly, since liquidation proceedings were yet to be finalized and no prejudice would be caused if claim of applicant was adjudicated, delay in filing of said application by applicant deserved condonation

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