https://www.taxtmi.com/caselaws?id=291901 A loan facility disbursed against interest was treated as financial debt because it involved consideration for the time value of money and the commercial effect of borrowing, making the bank a financial creditor. The Section 7 application was found complete as it contained the required debt particulars, default evidence, and a valid consent and eligibility declaration from the proposed interim resolution professional. Limitation was held not to bar the claim, given the mortgage-backed restructuring and the demerger-linked liability, and default was established on the loan records and account statements. Admission of the corporate insolvency resolution process followed, together with moratorium and interim resolution professional directions. en-us Wed, 31 Jul 2019 00:00:00 +0530 Mon, 30 Nov 2020 10:05:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291901 A loan facility disbursed against interest was treated as financial debt because it involved consideration for the time value of money and the commercial effect of borrowing, making the bank a financial creditor. The Section 7 application was found complete as it contained the required debt particulars, default evidence, and a valid consent and eligibility declaration from the proposed interim resolution professional. Limitation was held not to bar the claim, given the mortgage-backed restructuring and the demerger-linked liability, and default was established on the loan records and account statements. Admission of the corporate insolvency resolution process followed, together with moratorium and interim resolution professional directions. Case-Laws Insolvency and Bankruptcy Wed, 31 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291901