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A personal Loan to a Promoter or a Director of a company cannot trigger Corporate Resolution Process under IBC

August 28, 2020[2020] 118 taxmann.com 560 (SC)
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IBC: Payment received for shares duly issued to a third party at request of payee could not be a debt, not to speak of financial debt; a personal Loan to a Promoter or a Director of a company cannot trigger Corporate Resolution Process under IBC

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