https://www.taxtmi.com/caselaws?id=275281 A loan transaction will not constitute financial debt under the Insolvency and Bankruptcy Code, 2016 unless the borrowing is accepted on terms involving consideration for the time value of money and a corresponding repayment obligation on those terms. Here, although the appellants' resolution contemplated a loan carrying interest and fixed repayment, the corporate debtor accepted the advance only as an interest-free unsecured loan. The essential ingredients of financial debt were therefore not established, and the appellants were not financial creditors. en-us Wed, 04 Jul 2018 00:00:00 +0530 Wed, 26 Sep 2018 09:01:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275281 A loan transaction will not constitute financial debt under the Insolvency and Bankruptcy Code, 2016 unless the borrowing is accepted on terms involving consideration for the time value of money and a corresponding repayment obligation on those terms. Here, although the appellants' resolution contemplated a loan carrying interest and fixed repayment, the corporate debtor accepted the advance only as an interest-free unsecured loan. The essential ingredients of financial debt were therefore not established, and the appellants were not financial creditors. Case-Laws Insolvency and Bankruptcy Wed, 04 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275281