Shreyans Realtors Private Limited & Anr vs Saroj Realtors & Developers Private ...

Shreyans Realtors Private Limited & Anr. ...Appellants

Vs.

Saroj Realtors & Developers Private Limited ...Respondent

Present: For Appellants: - Mr. Chinmoy Pradip Sharma, Mr. Yadvendra Yadav and Mr. Shailesh Kumar Sinha, Advocates.

For Respondent:- Ms. Madhusmita Bora and Mr. Pawan Kishore, Advocates.

ORDER

04.07.2018─ From the record, we find that though the Appellants

by its resolution dated 16th May, 2013 decided to grant unsecured loan

to 'Saroj Realtors and Developers Private Limited' with 24% interest

payable annually and for return of the principal amount along with

interest on or before 31st March, 2016, but the Board of Directors of the

'Corporate Debtor' in their meeting held on 29th March, 2014 decided to

accept the amount as 'interest free unsecured loan'. From the aforesaid

decision of the 'Corporate Debtor', we find that the 'Corporate Debtor'

never accepted to take loan with 24% interest and given no undertaking

to repay the amount with interest within specific period. On the basis of

such evidence, the Appellants cannot claim to owe 'financial debt' from

Contd/-............

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the 'Corporate Debtor' and thereby cannot be claimed to be a 'Financial

Creditor' as defined under Section 5(7) & (8) of the Insolvency and

Bankruptcy Code, 2016.

For the reason aforesaid, we are not inclined to interfere with the

findings of the Adjudicating Authority (National Company Law Tribunal)

as decided by impugned order dated 1st May, 2018. The appeal is

accordingly dismissed. No cost.

(Justice S.J. Mukhopadhaya) Chairperson

(Justice Bansi Lal Bhat) Member(Judicial) Ar/uk

Company Appeal (AT) (Insolvency) No. 311 of 2018