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Applicant’ claim w.r.t. a franchisee agreement couldn’t be treated financial debt in absence of a financial contract

July 7, 2020[2020] 117 489 (NCLT- Chennai )

IBC: Where applicant and corporate debtor had entered into a franchise agreement and in view consistent default in payment of return on investment promised to applicant by corporate debtor, applicant filed an application under section 7, however, same was not supported with a written financial contract clearly specifying tenure of financial debt, claim of applicant could not be treated as a financial debt and applicant could not be treated as a financial creditor and thus application was to be dismissed

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