Supreme Court · 2021 INSC 359 · Decided 26 July 2021
M/S Orator Marketing PVT. LTD. v. M/S Samtex Desinz PVT. LTD.
- Court
- Supreme Court of India
- Citation
- 2021 INSC 359 · [2021] 6 S.C.R. 742
- Case number
- CIVIL APPEAL No. 2231/2021
- Decided
- 26 July 2021
- Bench
- INDIRA BANERJEE, V. RAMASUBRAMANIAN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- IBC Section 5(8), 7, 62, 6, 3(8), 5(7), 5(8)(a), 5
Headnote
Insolvency and Bankruptcy Code, 2016: ss. 5(8), 7, 62 - Financial debt - Construction of - Person giving a term loan to a Corporate Person, free of interest, on account of its working capital requirements- Non-payment of the same by Corporate Debtor Insolvency Resolution Process-CIRP u/s. 7 by the appellant-lender - Rejection of the application by NCLT as also NCLAT holding that the claim cannot be termed to be a 'financial debt' - On appeal, held: Initiation of CIRP by a Financial Creditor u/s. 7 is the
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