Can Financers maintain the application under Section 7 of the IBC in invoice/ bill discounting cases – Varun Gupta Vs. ISINOX Pvt. Ltd. Through the IRP Mr. Manishkumar R. Patel and Ors. – NCLAT New Delhi

Hon’ble NCLAT referring Minions Ventures Pvt. Ltd. Vs. TDT Copper Ltd. (2023) ibclaw.in 209 NCLAT held that the case would not be covered by Section 5(8)(e) of IBC rather it shall be covered by Section 5(20) and 5(21) of the Code and hence the application filed under Section 7 is not maintainable.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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