https://www.taxtmi.com/caselaws?id=399090 A Section 7 IBC application must rest on a legally enforceable financial debt and a clear default. The text treats reimbursement of bank guarantee and fixed deposit amounts, advanced through banking channels and reflected as a liability in the corporate debtor's books, as capable of characterising an independent loan or credit facility rather than a mere operational claim. It also notes a contrary view that limitation under Article 137 and a pre-existing work-performance dispute could defeat maintainability. The material records conflicting opinions on admission, so no clear majority outcome on maintainability or rejection emerges. en-us Wed, 03 Jun 2020 00:00:00 +0530 Sat, 03 Oct 2020 11:47:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399090 A Section 7 IBC application must rest on a legally enforceable financial debt and a clear default. The text treats reimbursement of bank guarantee and fixed deposit amounts, advanced through banking channels and reflected as a liability in the corporate debtor's books, as capable of characterising an independent loan or credit facility rather than a mere operational claim. It also notes a contrary view that limitation under Article 137 and a pre-existing work-performance dispute could defeat maintainability. The material records conflicting opinions on admission, so no clear majority outcome on maintainability or rejection emerges. Case-Laws Insolvency and Bankruptcy Wed, 03 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399090