https://www.taxtmi.com/caselaws?id=285147 A section 7 insolvency petition was treated as maintainable where loan disbursement, repeated acknowledgements, confirmation of accounts, and interest repayments established a creditor-debtor relationship and a financial debt based on the time value of money. Objections that there was no express loan agreement, that the security cheque was only collateral, that pledged shares barred recovery, and that the account evidence lacked a Bankers' Books certificate were rejected. Admission of liability also undermined the security-cheque defence. The petition was admitted, the corporate insolvency resolution process commenced, the moratorium became operative, and the proposed interim resolution professional was appointed. en-us Mon, 25 Feb 2019 00:00:00 +0530 Mon, 30 Dec 2019 10:12:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285147 A section 7 insolvency petition was treated as maintainable where loan disbursement, repeated acknowledgements, confirmation of accounts, and interest repayments established a creditor-debtor relationship and a financial debt based on the time value of money. Objections that there was no express loan agreement, that the security cheque was only collateral, that pledged shares barred recovery, and that the account evidence lacked a Bankers' Books certificate were rejected. Admission of liability also undermined the security-cheque defence. The petition was admitted, the corporate insolvency resolution process commenced, the moratorium became operative, and the proposed interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Mon, 25 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285147