https://www.taxtmi.com/caselaws?id=287118 The National Company Law Tribunal dismissed the appeal challenging the admission of an application under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal held that the application against the Corporate Debtor, based on corporate guarantees extended by it, was maintainable. The definitions of Corporate Guarantor, Corporate Debtor, Financial Creditor, and Financial Debt were crucial in determining the Bank's status as a Financial Creditor. The Tribunal found the Bank qualified as a Financial Creditor, upholding the application's validity under Section 7. The appeal was dismissed, with no costs awarded to the Appellant. en-us Mon, 18 Nov 2019 00:00:00 +0530 Sun, 29 Mar 2020 19:03:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287118 The National Company Law Tribunal dismissed the appeal challenging the admission of an application under Section 7 of the Insolvency and Bankruptcy Code. The Tribunal held that the application against the Corporate Debtor, based on corporate guarantees extended by it, was maintainable. The definitions of Corporate Guarantor, Corporate Debtor, Financial Creditor, and Financial Debt were crucial in determining the Bank's status as a Financial Creditor. The Tribunal found the Bank qualified as a Financial Creditor, upholding the application's validity under Section 7. The appeal was dismissed, with no costs awarded to the Appellant. Case-Laws Insolvency and Bankruptcy Mon, 18 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287118