https://www.taxtmi.com/caselaws?id=395096 For admission under section 7 of the Insolvency and Bankruptcy Code, 2016, the applicant must prove a financial debt, default, and a claim within limitation. Deposits into the corporate debtor's account were not enough because no agreement, repayment term, or interest arrangement showed disbursement against the time value of money, so the amounts did not qualify as financial debt and the applicants were not financial creditors. The record also did not establish a distinct default date, and the 2019 filing was beyond three years from the last deposits. In the absence of adequate proof of default, the application was held not maintainable and the insolvency petition was dismissed. en-us Wed, 18 Sep 2019 00:00:00 +0530 Wed, 06 May 2020 06:25:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395096 For admission under section 7 of the Insolvency and Bankruptcy Code, 2016, the applicant must prove a financial debt, default, and a claim within limitation. Deposits into the corporate debtor's account were not enough because no agreement, repayment term, or interest arrangement showed disbursement against the time value of money, so the amounts did not qualify as financial debt and the applicants were not financial creditors. The record also did not establish a distinct default date, and the 2019 filing was beyond three years from the last deposits. In the absence of adequate proof of default, the application was held not maintainable and the insolvency petition was dismissed. Case-Laws Insolvency and Bankruptcy Wed, 18 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395096