Section 5(8) in Insolvency And Bankruptcy Code, 2016
(8)"financial debt" means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes-(a)money borrowed against the payment of interest;(b)any amount raised by acceptance under any acceptance credit facility or its de-materialised equivalent;(c)any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;(d)the amount of any liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed;(e)receivables sold or discounted other than any receivables sold on non-recourse basis;(f)any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing;[Explanation. - For the purposes of this sub-clause,-(i)any amount raised from an allottee under a real estate project shall be deemed to be an amount having the commercial effect of a borrowing; and(ii)the expressions, "allottee" and "real estate project" shall have the meanings respectively assigned to them in clauses (d) and (zn) of section 2 of the Real Estate (Regulation and Development) Act, 2016;](g)any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account;(h)any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution;(i)the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause;
