https://www.taxtmi.com/caselaws?id=290746 A debenture subscription arrangement was treated as financial debt because it created a creditor-debtor relationship with disbursal, repayment obligations, accrued interest, redemption premium and penal interest. Non-payment despite notices established default on the record. Objections based on privity of contract, alleged lack of board authority and stamp duty on the guarantee were rejected because the transaction authorised enforcement on default, the board resolution permitted institution of insolvency proceedings, and the stamp-duty challenge was inapplicable in the insolvency context. The section 7 application was found complete and admissible, leading to admission and commencement of CIRP with moratorium and appointment of an IRP. en-us Fri, 10 Jan 2020 00:00:00 +0530 Tue, 16 Nov 2021 14:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290746 A debenture subscription arrangement was treated as financial debt because it created a creditor-debtor relationship with disbursal, repayment obligations, accrued interest, redemption premium and penal interest. Non-payment despite notices established default on the record. Objections based on privity of contract, alleged lack of board authority and stamp duty on the guarantee were rejected because the transaction authorised enforcement on default, the board resolution permitted institution of insolvency proceedings, and the stamp-duty challenge was inapplicable in the insolvency context. The section 7 application was found complete and admissible, leading to admission and commencement of CIRP with moratorium and appointment of an IRP. Case-Laws Insolvency and Bankruptcy Fri, 10 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290746