https://www.taxtmi.com/caselaws?id=389683 A section 7 insolvency claim succeeds only where the advance is a financial debt disbursed for consideration for the time value of money and the petition is filed within limitation from default. An amount advanced to meet funding needs, without agreed interest, repayment schedule, or other indicia of time value of money, did not qualify as financial debt. Although non-repayment supported default, the application was filed beyond three years from the advances and no valid acknowledgment was shown to extend limitation. The claim was therefore not legally recoverable and insolvency admission was refused. en-us Thu, 17 Oct 2019 00:00:00 +0530 Sat, 14 Dec 2019 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389683 A section 7 insolvency claim succeeds only where the advance is a financial debt disbursed for consideration for the time value of money and the petition is filed within limitation from default. An amount advanced to meet funding needs, without agreed interest, repayment schedule, or other indicia of time value of money, did not qualify as financial debt. Although non-repayment supported default, the application was filed beyond three years from the advances and no valid acknowledgment was shown to extend limitation. The claim was therefore not legally recoverable and insolvency admission was refused. Case-Laws Insolvency and Bankruptcy Thu, 17 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389683