https://www.taxtmi.com/caselaws?id=379654 Admission of a Section 7 petition under the Insolvency and Bankruptcy Code depends on proof of both a financial debt due and payable and an actual default. On the facts, the creditor had invoked pledged shares, received interest payments, and did not establish the value realised from the security, while the debtor contended that the pledged shares exceeded the claimed liability. The Tribunal treated these surrounding facts as undermining the existence of a live recoverable debt on the filing date. Pending arbitration and recovery proceedings were not decisive; the application failed because debt and default were not affirmatively proved. en-us Wed, 24 Oct 2018 00:00:00 +0530 Mon, 06 May 2019 08:28:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379654 Admission of a Section 7 petition under the Insolvency and Bankruptcy Code depends on proof of both a financial debt due and payable and an actual default. On the facts, the creditor had invoked pledged shares, received interest payments, and did not establish the value realised from the security, while the debtor contended that the pledged shares exceeded the claimed liability. The Tribunal treated these surrounding facts as undermining the existence of a live recoverable debt on the filing date. Pending arbitration and recovery proceedings were not decisive; the application failed because debt and default were not affirmatively proved. Case-Laws Insolvency and Bankruptcy Wed, 24 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379654