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1 - 10 of 17 (0.28 seconds)Section 7 in Presidency Small Cause Courts Act, 1882 [Entire Act]
Section 41 in Presidency Small Cause Courts Act, 1882 [Entire Act]
Shailesh Sangani vs Joel Cardoso & Anr on 30 January, 2019
28. The Appellant heavily relies on the judgment in Shailesh Sangani v.
Joel Cardoso (Company Appeal (AT) (Insolvency) No. 616 of 2018) to argue
that interest-free loans advanced by directors qualify as financial debt.
However, this reliance is misplaced due to fundamental factual differences. In
Shailesh Sangani, there was concrete evidence establishing the transaction
as a loan, including acknowledgment by the Corporate Debtor of the specific
transaction as a loan. In contrast, the present case lacks any
contemporaneous loan agreement, promissory note, or board resolution
categorizing the funds as loans rather than capital contributions.
M/S Orator Marketing Pvt. Ltd. vs M/S Samtex Desinz Pvt. Ltd. on 26 July, 2021
In this regard, the Learned Counsel for the
Appellant seeks in aid of the decision of the Hon'ble Supreme Court
in Orator Marketing Pvt. Ltd. v Samtex Desinz Pvt. Ltd. reported in
2021 SCC Online SC 513 where in an expansive definition of
'Financial Debt' is laid down as under:
Phoenix Arc Private Limited vs Spade Financial Services Limited on 1 February, 2021
22. The Hon'ble Supreme Court in Phoenix ARC Pvt. Ltd. v. Spade
Financial Services, (2021) 3 SCC 475 while explaining the nature of
financial debt has emphasized that in order to qualify as financial debt the
amount must reflect time value of money.
Agarwal Polysacks Limited vs Kk Agro Foods & Storage Pvt. Ltd on 11 September, 2023
31. The Appellant cites Agarwal Polysacks Limited v. K.K. Agro Foods
and Storage Limited (Company Appeal (AT) (Insolvency) No. 1126 of
2022) to argue that a written financial contract is not a precondition for
proving financial debt. However, the crucial distinction is that in Agarwal
Polysacks, while there was no formal written agreement, there was clear
evidence of interest payments and defined repayment terms.
Asset Reconstruction Company (India) ... vs Bishal Jaiswal on 15 April, 2021
38. While the Appellant cites Asset Reconstruction Company (India)
Limited v. Bishal Jaiswal AIRONLINE 2021 SC 267 to argue that balance
sheet entries constitute acknowledgment of debt, the Hon'ble Supreme Court
in that case specifically held that such entries must be read in context of their
creation and supporting documentation. Whereas in the present case, the
Appellant has failed to provide any such supporting documents.
Phoenix Arc Pvt. Ltd. vs Ketulbhai Ramubhai Patel on 3 February, 2021
In Phoenix ARC Private Limited v. Ketulbhai Ramubhai Patel, AIR
2021 SC 875 the Hon'ble Supreme Court clarified that mere accounting
entries cannot transform the character of a transaction if the underlying
documentation and circumstances indicate otherwise.