https://www.taxtmi.com/caselaws?id=384528 The Tribunal rejected the insolvency application against the corporate debtor, finding no financial debt due as alleged by the financial creditor. The debtor disputed the debt, claiming the amount received was for brokerage, not a loan. The Tribunal highlighted non-compliance with the Companies Act, 2013 in the loan transaction and emphasized the definition of "financial debt" under the Insolvency and Bankruptcy Code. Ultimately, the Tribunal concluded that the cheques issued were not for loan repayment, leading to the rejection of the insolvency resolution application. en-us Thu, 14 Feb 2019 00:00:00 +0530 Wed, 14 Aug 2019 16:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=384528 The Tribunal rejected the insolvency application against the corporate debtor, finding no financial debt due as alleged by the financial creditor. The debtor disputed the debt, claiming the amount received was for brokerage, not a loan. The Tribunal highlighted non-compliance with the Companies Act, 2013 in the loan transaction and emphasized the definition of "financial debt" under the Insolvency and Bankruptcy Code. Ultimately, the Tribunal concluded that the cheques issued were not for loan repayment, leading to the rejection of the insolvency resolution application. Case-Laws Insolvency and Bankruptcy Thu, 14 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=384528