Page 804 - IBC Orders us 7-CA Mukesh Mohan

Order Passed under Sec 7
By Hon’ble NCLT New Delhi-II Bench
these payments as "Money returned", but is unable to explain why TD S has been deducted and deposited

with the Tax Authorities under the head "Interest other than Securities". There has been novation of the
agreements for the payments towards the Principal amount and the interest payable. Without going into
the quantum of the money payable, for the purpose of a Corporate resolution process, a debt of Rs. 1 Lakh

would be sufficient to entitle the petitioner to initiate the same. Sub section (8)(f) of Section 5 of the Code
defines a financial debt along with interest which includes consideration given towards any transaction,

including forward sale or purchase, having the commercial effect of borrowing. In the matter of Nikhil
Mehta and Sons Vs. AMR Infrastructure Ltd., Company Appeal (AT) (Insolvency) No. 07 of 2017, the
Hon%le NCLAT has clarified that an investor assured of committed returns would clearly fall within the

definition of a Financial Creditor and the obligation or liability would be defined as a "debt". The
Financial Creditor is therefore entitled to trigger the resolution process in this case against the Corporate
Debtor.

16. This Petition is therefore Admitted. Moratorium in terms of Section 14 of the Code comes into
immediate effect. The Petitioner has named a Shri. Abhishek Anand 103 GK Enclave, New Delhi
110048, Email a.abhishek@outlook.com Regn. no. IBBI/IPA-002/IP-N00038/2016 as the Resolution

Professional. His consent and certificate that there are no disciplinary proceedings pending against him
are on record. He is directed to cause publication and take such other and further steps as are required
under the Code and file his report within 30 days.

17. Be listed on 5th Oct, 2017 for report.

18. Copy of the order be communicated to both the parties as well as to the IRP.

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