https://www.taxtmi.com/caselaws?id=376171 A shareholder or promoter-director is not automatically excluded from being a financial creditor where payment is made on behalf of the corporate debtor toward a loan carrying time value of money. Documentary material such as the agreement and bank records may be sufficient to show a financial debt, breach by the corporate debtor, liability to repay, and default for a section 7 IBC application. The note also states that a non-signatory status and the existence of an arbitration clause do not by themselves defeat maintainability under section 7, and that the debt may fall within the statutory definition of financial debt. en-us Thu, 03 Jan 2019 00:00:00 +0530 Wed, 14 Aug 2019 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376171 A shareholder or promoter-director is not automatically excluded from being a financial creditor where payment is made on behalf of the corporate debtor toward a loan carrying time value of money. Documentary material such as the agreement and bank records may be sufficient to show a financial debt, breach by the corporate debtor, liability to repay, and default for a section 7 IBC application. The note also states that a non-signatory status and the existence of an arbitration clause do not by themselves defeat maintainability under section 7, and that the debt may fall within the statutory definition of financial debt. Case-Laws Insolvency and Bankruptcy Thu, 03 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376171