https://www.taxtmi.com/caselaws?id=279549 An admitted unsecured loan recorded as long-term borrowing in the corporate debtor's accounts can constitute financial debt under the Insolvency and Bankruptcy Code even where no interest is stipulated. Balance confirmation and an auditor's communication evidencing the outstanding loan support creditor status where the liability is reflected in the debtor's books. Upon proof of both financial debt and default, the conditions for admitting an insolvency application are satisfied, leading to commencement of the corporate insolvency resolution process, appointment of an interim resolution professional, and a moratorium. en-us Fri, 31 Aug 2018 00:00:00 +0530 Mon, 25 Mar 2019 06:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279549 An admitted unsecured loan recorded as long-term borrowing in the corporate debtor's accounts can constitute financial debt under the Insolvency and Bankruptcy Code even where no interest is stipulated. Balance confirmation and an auditor's communication evidencing the outstanding loan support creditor status where the liability is reflected in the debtor's books. Upon proof of both financial debt and default, the conditions for admitting an insolvency application are satisfied, leading to commencement of the corporate insolvency resolution process, appointment of an interim resolution professional, and a moratorium. Case-Laws Insolvency and Bankruptcy Fri, 31 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279549