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Maintainability of Section 7 application under Insolvency and Bankruptcy Code (IBC) for non-payment of debt analyzed. Financial contract not mandatory for establishing financial debt. Relevant documents proving disbursal of funds by creditor to corporate debtor and partial repayment by debtor acknowledged existence of debt. Minimum outstanding debt above IBC threshold requirement fulfilled. Memorandum of Understanding between debtor and third party not binding on creditor. Once debt due and default occurs above threshold, IBC proceedings can be triggered irrespective of disputed quantum. Adjudicating Authority rightly admitted Section 7 application based on evidence of debt, default, and threshold met. Appeal against admission dismissed by Appellate Tribunal.
Maintainability of Section 7 application under Insolvency and Bankruptcy Code (IBC) for non-payment of debt analyzed. Financial contract not mandatory for establishing financial debt. Relevant documents proving disbursal of funds by creditor to corporate debtor and partial repayment by debtor acknowledged existence of debt. Minimum outstanding debt above IBC threshold requirement fulfilled. Memorandum of Understanding between debtor and third party not binding on creditor. Once debt due and default occurs above threshold, IBC proceedings can be triggered irrespective of disputed quantum. Adjudicating Authority rightly admitted Section 7 application based on evidence of debt, default, and threshold met. Appeal against admission dismissed by Appellate Tribunal.
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