https://www.taxtmi.com/article/detailed?id=8348 The statutory test distinguishes financial debt-liabilities disbursed against consideration for the time value of money or having the commercial effect of borrowing-from operational debt-claims arising from provision of goods or services, employment, or statutory dues. Determination depends on the transaction's commercial substance: subscription payments, assured return promises in sale contracts, investments without supply of goods/services, and refund undertakings do not become financial or operational debt absent the requisite time value or statutory character, and factual proof of default and nondispute is required to invoke insolvency proceedings. en-us Thu, 31 Jan 2019 06:29:12 +0530 Thu, 31 Jan 2019 06:29:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=8348 The statutory test distinguishes financial debt-liabilities disbursed against consideration for the time value of money or having the commercial effect of borrowing-from operational debt-claims arising from provision of goods or services, employment, or statutory dues. Determination depends on the transaction's commercial substance: subscription payments, assured return promises in sale contracts, investments without supply of goods/services, and refund undertakings do not become financial or operational debt absent the requisite time value or statutory character, and factual proof of default and nondispute is required to invoke insolvency proceedings. Articles Corporate Laws / IBC / SEBI Thu, 31 Jan 2019 06:29:12 +0530 https://www.taxtmi.com/article/detailed?id=8348