https://www.taxtmi.com/caselaws?id=399347 Subscription to non-convertible debentures carrying fixed returns and a repayment schedule was treated as financial debt under the Insolvency and Bankruptcy Code. The record showed interest payments up to 31.10.2016, followed by non-payment, repeated requests for extension of time, and letters acknowledging that repayment had not begun; the corporate debtor also filed no reply or factual dispute. On that basis, default was established and the section 7 application was fit for admission, because the adjudicating authority's enquiry is limited to whether default has occurred and does not extend to a broader merits review. Financial statements likewise indicated inability to repay debts. en-us Thu, 20 Feb 2020 00:00:00 +0530 Fri, 09 Oct 2020 09:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399347 Subscription to non-convertible debentures carrying fixed returns and a repayment schedule was treated as financial debt under the Insolvency and Bankruptcy Code. The record showed interest payments up to 31.10.2016, followed by non-payment, repeated requests for extension of time, and letters acknowledging that repayment had not begun; the corporate debtor also filed no reply or factual dispute. On that basis, default was established and the section 7 application was fit for admission, because the adjudicating authority's enquiry is limited to whether default has occurred and does not extend to a broader merits review. Financial statements likewise indicated inability to repay debts. Case-Laws Insolvency and Bankruptcy Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399347