Supreme Court of India
M/s Orator Marketing Pvt. Ltd. v. M/s Samtex Desinz Pvt. Ltd.
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2 Supreme Court benches have cited this judgment.
From the headnote
Insolvency and Bankruptcy Code, 2016: ss. 5(8), 7, 62 – Financial debt – Construction of – Person giving a term loan to a Corporate Person, free of interest, on account of its working capital requirements– Non-payment of t he same by Corporate Debtor – Initiation of Corporate Insolven cy Resolution Process-CIRP u/s. 7 by the appellant-lender – Rejec tion of the application by NCLT as also NCLAT holding that the claim cannot be termed to be a ‘financial debt’ – On appeal, held: In itiation of CIRP by a Financial Creditor u/s. 7 is the occurrence of a default by the Corporate Debtor – ‘Default’
Authorities it was built on
- 2019 Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.
- 2017 M/s. Innoventive Industrles Ltd. v. Icici Bank & Anr.
- 2019 Pioneer Urban Land and Infrastructure Limited & Anr. v. Union of India & Ors.
- 1960 State 0]' Bombay & Others v. The Hospital Mazdoor Sabha & Other
- 1971 C.I.T. Andhra Pradesh v. M/s Taj Mahal Hotel, Secunderabad
- 2013 Prabhudas Damodar Kotecha & Ors. v. Manhabala Jeram Damodar & Anr.
Where later benches applied it
- 2024 China Development Bank v. Doha Bank Q.P.S.C. & Ors.
- 2022 New Okhla Industrial Development Authority v. Anand Sonbhadra
Of those, 1 referred to · 1 mentioned
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