https://www.taxtmi.com/caselaws?id=378912 A Section 7 IBC application requires proof of a legally enforceable financial debt and actual default. The tribunal found that the applicant did not establish a valid borrowing by the corporate debtor, lacked evidence of board authority, and did not show that the was received on behalf of the company; the claimed lending activity was also treated as unauthorised, and the underlying claim was held time-barred. It further held that dishonour of an undated cheque, filled in long after the alleged repayment period, and the cheque return memo did not by themselves prove default. The application was therefore held not maintainable on merits. en-us Fri, 01 Mar 2019 00:00:00 +0530 Wed, 24 Apr 2019 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378912 A Section 7 IBC application requires proof of a legally enforceable financial debt and actual default. The tribunal found that the applicant did not establish a valid borrowing by the corporate debtor, lacked evidence of board authority, and did not show that the was received on behalf of the company; the claimed lending activity was also treated as unauthorised, and the underlying claim was held time-barred. It further held that dishonour of an undated cheque, filled in long after the alleged repayment period, and the cheque return memo did not by themselves prove default. The application was therefore held not maintainable on merits. Case-Laws Insolvency and Bankruptcy Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378912