Date of default determination: contemporaneous disbursement records and NeSL entry superseded a demand notice, permitting admission.

Determination of the date of default was governed by contemporaneous records: bank statements, audited lender records and a NeSL entry showing default prior to the statutory window prevailed over reliance solely on a later demand/recall notice. The legal principle that financial debt can be proved without a written agreement when disbursement and time-value evidence exists was applied, and continuing default through the moratorium window does not bar initiation if default began earlier. Consequently the Adjudicating Authority's re-fixation based only on the demand notice was set aside and admission of the insolvency petition was directed.

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Issues: Whether the Adjudicating Authority correctly fixed the date of default by treating the demand/recall notice date as the relevant date (thereby placing the default within the Section 10A period) when the financial creditor had produced evidence of disbursement, continuing default recorded in NeSL, and the corporate debtor did not contest the claim.

Analysis: The appeal challenges the Adjudicating Authority's selection of the date of default based on a demand/recall notice, which resulted in the default being treated as falling within Section 10A period. Evidence on record includes bank statements showing disbursements in tranches totaling the loan amount, the financial creditor's audited report reflecting the loan, demand notices, and a NeSL entry recording the date of default prior to the Section 10A period. Established precedents permit proving financial debt without a written agreement when transactions are supported by contemporaneous records evidencing disbursement and time value of money. Where a default occurred prior to the Section 10A window and the default continued through and beyond that window, initiation of proceedings under Section 7 is not barred by Section 10A. Absent any contest by the corporate debtor and with NeSL recording an earlier default date, re-fixing the date of default solely by reference to the demand/recall notice was not justified on the facts presented.

Conclusion: The Adjudicating Authority's finding that the date of default fell within the Section 10A period is set aside; the appeal is allowed and the Section 7 petition is to be admitted by the Adjudicating Authority.

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