Section 8 (1) and this view would get support
from sub-section (2) of Section 8 itself. Sub- section 2 of
Section 8 , IBC ... application under Section 9 , IBC
is governed by Section 238 A, IBC and therefore, it
could not be construed that Section 9 application
should invariably
Debtor and
9
(2012) 8 SCC 148
9
the same was not in consonance with Section 8 of the IBC r/w Rule ... notice can render the section 9 petition invalid. For the
13
sake of specificity, Sections 8 and 9 of the IBC and Rule
8. Mr. Mishra argued that on a conjoint reading of Section 5(5A) ,
Section 3(7) and Section 3(8) of the IBC ... debt” in Section 5(8) IBC,
“claim” in Section 3(6) , “debt” in Section 3(11) and “default”
in Section 3(12) . There
borrowing as defined under Section 5(8)(f)
as well, apart from main Section 5(8) of IBC"
Main points for determination ... crores disbursed constitute "financial debt"
under Section 5(8) IBC in the facts and circumstances of the
case?
2. Has default been established
raised in
any of the manners prescribed in Section 5(8) or otherwise, as Section
5(8) is an inclusive definition. On the other hand ... Furthermore, sub-clauses (a) to (i) of sub-section (8) of Section 5 IBC are
apparently illustrative and not exhaustive. Legislature has the power
Section 3 , clauses (7) and (8) of Section 5 ,
Section 6 and Section 14(1)(a) of the IBC. He further submitted
that the judgment ... Section 3 , clauses (7) and (8) of Section 5 , Section 6 and
clause (a) of subsection (1) of Section 14 of the IBC, which
Section 3(6) , ‘corporate debtor’ in Section 3(8) ,
‘creditor’ in Section 3(10) , ‘debt’ in section 3(11) ,
‘default’ in Section 3(12) , ‘financial ... Section
5(7) as also the provisions, inter alia, of Sections 6 and 7
of the IBC.
16. Under Section 6 of the IBC
controlled by the Lessor.
We have gone through the provisions of
Section 5(8)(f) and also when we keep the
above observations ... treated as a financial lease.”
RELEVANT PROVISIONS OF THE IBC
14. Section 5(8) , which is at the centre of the
controversy, defines ‘financial debt
qualify as a financial debt defined
under sub-section (8) of Section 5 of the IBC. The learned
senior counsel relied upon a decision ... claim covered by sub-section (6) of Section 3 of the IBC.
12. Sub-section (8) of Section 5 of the IBC defines “financial
debt
definition of "financial debt" as prescribed under Section 5(8) and (f)
of IBC means a debt along with interest, if any, which ... classified as
'financial debt' under Section 5 (8) , IBC. Section 5(8) , IBC defines "financial debt"
as a debt disbursed against
