https://www.taxtmi.com/caselaws?id=365119 The Tribunal dismissed the application under Section 7 of the Insolvency & Bankruptcy Code, 2016, finding it devoid of merit. The applicants failed to establish the existence of a valid financial debt and default, as well as the authority of the director to secure loans. The Tribunal emphasized the necessity of proper authorization for actions taken by a director on behalf of the company. Despite settlement attempts, the matter was disposed of based on available evidence, with the Tribunal's decision applicable only to the current proceeding. en-us Tue, 01 May 2018 00:00:00 +0530 Tue, 18 Sep 2018 18:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365119 The Tribunal dismissed the application under Section 7 of the Insolvency & Bankruptcy Code, 2016, finding it devoid of merit. The applicants failed to establish the existence of a valid financial debt and default, as well as the authority of the director to secure loans. The Tribunal emphasized the necessity of proper authorization for actions taken by a director on behalf of the company. Despite settlement attempts, the matter was disposed of based on available evidence, with the Tribunal's decision applicable only to the current proceeding. Case-Laws Insolvency and Bankruptcy Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365119