https://www.taxtmi.com/caselaws?id=398873 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. It concluded that the amount advanced did not qualify as a financial debt under Section 5(8) of the Insolvency & Bankruptcy Code, 2016, as there was no written agreement specifying the interest rate. The Petitioner was also not deemed a Financial Creditor as evidence of the debt was insufficient. Moreover, the absence of board resolutions as required by Sections 179 and 186 of the Companies Act, 2013 further weakened the Petitioner's case. en-us Thu, 25 Jun 2020 00:00:00 +0530 Sat, 26 Sep 2020 11:41:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398873 The Tribunal dismissed the application for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. It concluded that the amount advanced did not qualify as a financial debt under Section 5(8) of the Insolvency & Bankruptcy Code, 2016, as there was no written agreement specifying the interest rate. The Petitioner was also not deemed a Financial Creditor as evidence of the debt was insufficient. Moreover, the absence of board resolutions as required by Sections 179 and 186 of the Companies Act, 2013 further weakened the Petitioner's case. Case-Laws Insolvency and Bankruptcy Thu, 25 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398873