NCLAT : In Gaurav Manav vs. Rachel L. Chand & Anr.

The expression “Financial Creditor” refers to “A person to whom a “Financial debt” is owed and includes a person whom such debt has been legally assigned or transferred. The expression “Financial Creditor” can be understood on reading the expression of “Financial Debt” which indicate that a “Financial debt” which is “disbursed against the consideration for time value of money”.

On a perusal of definition of expression “Financial Creditor” (Section 5(7)) it would be clear that it refers to “A person to whom a “Financial debt” is owed and includes a person whom such debt has been legally assigned or transferred. The expression “Financial Creditor” can be understood on reading the expression of “Financial Debt” (Section 5(8)) which have to be satisfied in terms of definition. The definition clause of “Financial Debt” would indicate that a “Financial debt” which is “disbursed against the consideration for time value of money” and it may include any of the events enumerated in sub-clause (a) to (i). Therefore, the first essential requirement of the “Financial Debt” has to be met viz. that the debt is “disbursed against the consideration for time value of money” which may include events enumerated in sub-clause (a) to (i).

Link : http://164.100.158.198/final_orders/Principal_Bench/2018/insolvency/17072018AT3102018.pdf