Share Application money cannot be deemed to be a Financial Debt under IBC – Murlidhar Vincom Pvt. Ltd. Vs. Skoda (India) Pvt. Ltd. – NCLT New Delhi Bench

Hon’ble NCLT New Delhi Bench held that the present application has been filed by the FC seeking refund of the Share Application Money issued to the CD. However, in light of the aforementioned precedent, the FC’s claim is barred, as the Share Application money cannot be deemed to be a Financial Debt. This Adjudicating Authority is of the opinion that it is not prudent to delve into the other contentions raised by the FC and CD at this stage, as the claim made by the FC itself is infructuous in light of the findings of the Hon’ble NCLAT.

Share Application money cannot be deemed to be a Financial Debt under IBC – Murlidhar Vincom Pvt. Ltd. Vs. Skoda (India) Pvt. Ltd. – NCLT New Delhi Bench Read Post »