https://www.taxtmi.com/caselaws?id=289792 A legally assigned financial debt may support a section 7 insolvency application, because the definition of financial creditor extends to an assignee of the debt. A duly registered deed of assignment was treated as valid at the admission stage, and an alleged stamp duty defect did not defeat the applicant's status. The application was also held within limitation: article 137 of the Limitation Act applied, the debt became due on classification of the account as non-performing, but the corporate debtor's balance-sheet acknowledgment extended limitation. On that basis, the section 7 application was admitted and CIRP commenced with moratorium directions. en-us Mon, 30 Sep 2019 00:00:00 +0530 Sat, 22 Aug 2020 09:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289792 A legally assigned financial debt may support a section 7 insolvency application, because the definition of financial creditor extends to an assignee of the debt. A duly registered deed of assignment was treated as valid at the admission stage, and an alleged stamp duty defect did not defeat the applicant's status. The application was also held within limitation: article 137 of the Limitation Act applied, the debt became due on classification of the account as non-performing, but the corporate debtor's balance-sheet acknowledgment extended limitation. On that basis, the section 7 application was admitted and CIRP commenced with moratorium directions. Case-Laws Insolvency and Bankruptcy Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289792