Under Section 5(8) of the IBC, financial debt is defined to mean a debt along with interest, if any, which is disbursed against the consideration for the time value of money. If a loan is disbursed to a company other than corporate debtor, will it still be considered as financial debt?

Yes, if corporate debtor is beneficiary of that loan; whether the other company is its subsidiary or not does not matter
Yes, if corporate debtor is a beneficiary of disbursal of such loan to another company; but the other company should be its subsidiary
Yes, it will still be considered as financial debt if the other company is a subsidiary of corporate debtor
No, disbursal of loan must be made to corporate debtor and no other entity