https://www.taxtmi.com/caselaws?id=390237 A section 7 applicant must prove, with cogent material, that the claim is a financial debt disbursed against consideration for the time value of money and that it is a financial creditor entitled to invoke the Code. Where the record shows only an alleged oral loan, with no written sanction, loan agreement, or reliable evidence of agreed interest, the claim fails to meet that threshold. Limitation runs from the date of actual default, not from a later demand notice, and a section 7 filing made beyond three years from the last payment or default is time-barred unless a later default is established. A demand notice cannot substitute for proof of default in a financial debt case. en-us Fri, 04 Oct 2019 00:00:00 +0530 Fri, 27 Dec 2019 06:51:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390237 A section 7 applicant must prove, with cogent material, that the claim is a financial debt disbursed against consideration for the time value of money and that it is a financial creditor entitled to invoke the Code. Where the record shows only an alleged oral loan, with no written sanction, loan agreement, or reliable evidence of agreed interest, the claim fails to meet that threshold. Limitation runs from the date of actual default, not from a later demand notice, and a section 7 filing made beyond three years from the last payment or default is time-barred unless a later default is established. A demand notice cannot substitute for proof of default in a financial debt case. Case-Laws Insolvency and Bankruptcy Fri, 04 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390237