https://www.taxtmi.com/caselaws?id=381442 Refundable advances under commercial supply arrangements may constitute financial debt where they carry contractual interest, are secured by guarantee and pledge, and have the commercial effect of borrowing through consideration for the time value of money. The underlying goods transaction does not by itself make the liability an operational debt. Non-payment of a due debt can establish default for insolvency purposes despite a pending review challenge to an arbitral award. Pursuit of award execution does not preclude insolvency proceedings, since CIRP is distinct from execution. A prior description of the claim in liquidation proceedings is not determinative of its classification in insolvency adjudication. en-us Mon, 11 Mar 2019 00:00:00 +0530 Wed, 12 Jun 2019 06:43:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381442 Refundable advances under commercial supply arrangements may constitute financial debt where they carry contractual interest, are secured by guarantee and pledge, and have the commercial effect of borrowing through consideration for the time value of money. The underlying goods transaction does not by itself make the liability an operational debt. Non-payment of a due debt can establish default for insolvency purposes despite a pending review challenge to an arbitral award. Pursuit of award execution does not preclude insolvency proceedings, since CIRP is distinct from execution. A prior description of the claim in liquidation proceedings is not determinative of its classification in insolvency adjudication. Case-Laws Insolvency and Bankruptcy Mon, 11 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381442