https://www.taxtmi.com/caselaws?id=396538 A section 7 insolvency application requires the financial creditor to show a financial debt and default through a discernible financial contract or equivalent supporting material setting out the lending terms, including tenure, interest, and repayment conditions. Where no financial agreement or other documentary record evidences the alleged lending arrangement, the Tribunal cannot resolve the dispute through oral controversy in a summary proceeding. Without proof of the contractual basis and default, the alleged non-payment cannot be ascertained, and insolvency admission cannot be sustained; the application was therefore held not maintainable and dismissed. en-us Tue, 10 Mar 2020 00:00:00 +0530 Fri, 10 Jul 2020 08:09:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396538 A section 7 insolvency application requires the financial creditor to show a financial debt and default through a discernible financial contract or equivalent supporting material setting out the lending terms, including tenure, interest, and repayment conditions. Where no financial agreement or other documentary record evidences the alleged lending arrangement, the Tribunal cannot resolve the dispute through oral controversy in a summary proceeding. Without proof of the contractual basis and default, the alleged non-payment cannot be ascertained, and insolvency admission cannot be sustained; the application was therefore held not maintainable and dismissed. Case-Laws Insolvency and Bankruptcy Tue, 10 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396538