https://www.taxtmi.com/caselaws?id=288912 A duly authorised power agent may appear and argue for an applicant before the NCLT when written authority is produced. A loan claim is not defeated merely because the lender did not file income-tax returns, where the debt is supported by an acknowledgment letter, promissory note, cheque and cash book entries. Alleged non-compliance with the RBI foreign borrowing framework did not invalidate the cash loan on the facts, and a regulatory breach would not automatically render the transaction void. The absence of entries in the corporate debtor's books also did not discredit the claim, as the signed cheque attracted a statutory presumption and the debtor failed to rebut the supporting documents. en-us Wed, 31 Jul 2019 00:00:00 +0530 Sun, 05 Jul 2020 15:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288912 A duly authorised power agent may appear and argue for an applicant before the NCLT when written authority is produced. A loan claim is not defeated merely because the lender did not file income-tax returns, where the debt is supported by an acknowledgment letter, promissory note, cheque and cash book entries. Alleged non-compliance with the RBI foreign borrowing framework did not invalidate the cash loan on the facts, and a regulatory breach would not automatically render the transaction void. The absence of entries in the corporate debtor's books also did not discredit the claim, as the signed cheque attracted a statutory presumption and the debtor failed to rebut the supporting documents. Case-Laws Insolvency and Bankruptcy Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288912