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Transaction involving business risk coupled with dividend wasn't financial debt; CIRP plea u/s. 7 to be rejected

February 7, 2020[2020] 113 taxmann.com 480 (NCLT - Mum.)
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IBC: Where applicant filed application under sec. 7 against respondent-company, in view of fact that there were several agreements between applicant and respondent-company such as Shareholder Agreement, Debenture Trust Deed, Share Pledge Agreement etc., it clearly demonstrated that transaction involved business risk coupled with business dividend and, thus, debt in question not being a 'financial debt', application filed under section 7 deserved to be rejected

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