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Decree-holder doesn’t fall within definition of ‘financial creditor’; cannot invoke CIRP plea

August 29, 2020[2020] 118 569 (NCL-AT)

IBC : Decree-holder would not fall within definition of 'Financial Creditor' as amount claimed under decree is an adjudicated amount and not a debt disbursed against consideration for time value of money and does not fall within ambit of any of clauses enumerated under section 5(8) and, thus, decree-holder, though included in definition of Creditor, cannot seek initiation of Corporate Insolvency Resolution Process as 'Financial Creditor'

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