A disbursement is a sine qua non for any debt to fall within the ambit of the definition of Financial Debt – Sudhir T Deshpande Vs. Dhanada Corporation Ltd. – NCLT Mumbai Bench
On going through the facts and submissions of the Financial Creditor and the Corporate Debtor it is concluded that the Financial Creditor has not established that the money was disbursed to the Corporate Debtor and hence the question of default on the part of the Corporate Debtor does not arise. Without proof of disbursement, the said amount cannot be claimed as financial debt, as a disbursement is a sine qua non for any debt to fall within the ambit of the definition of financial debt. Reliance is placed on Judgment of the Hon’ble National Company Law Appellate Tribunal in Dr. B.V.S Laxmi Vs. Geometrix Laser Solution Private Limited.
