The Applicant has relied on the decree of the Hon’ble High Court which is decreed against the corporate debtor. The Adjudicating Authority held that it is essential to prove that the claim of a financial creditor must be based on the transaction between the debtor and creditor and not on the decree issued by a court or tribunal in any other case between the debtor and creditor. Of course definition of creditor includes a Financial Creditor, an Operational Creditor, Secured Creditor, Unsecured Creditor and a ‘Decree Holder’ but this definition does not shows that the Decree Holder means a Financial Creditor or an Operational Creditor. The decree is not included as an financial Debt unless the claim on which decree is adjudicated is a financial debt, of course definition of Creditor include decree holder but definition of financial debt does not include any decree holder without ascertaining the true nature of the claim basis on which decree is adjudicated.
It dismissed the application holding that the corporate debtor does not owe any financial debt to the applicant; and the transactions in question do not fall within the brackets of financial debt only for the reason that the Hon’ble High Court of Delhi preferred by the applicant vide judgment dated 11.01.2018 decreed in favor of the applicant a sum of Rs. 4,38,00,617 /- along with interest @ 24% per annum from the corporate debtor.