https://www.taxtmi.com/caselaws?id=292441 Existence of financial debt and default, supported by loan documents, account statements, debt acknowledgements, CIBIL material and balance-sheet records, justified admission of the section 7 insolvency petition. The corporate debtor did not meaningfully dispute the borrowing or liability, and the account was found irregular, non-performing and in default. Earlier settlement discussions and a one-time settlement arrangement did not bar admission because they were not complied with in full and the creditor was entitled to revoke them. The NCLT held that the debt was a financial debt and default was established on the record, so the petition was maintainable and admitted. en-us Fri, 17 Jul 2020 00:00:00 +0530 Thu, 24 Dec 2020 10:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292441 Existence of financial debt and default, supported by loan documents, account statements, debt acknowledgements, CIBIL material and balance-sheet records, justified admission of the section 7 insolvency petition. The corporate debtor did not meaningfully dispute the borrowing or liability, and the account was found irregular, non-performing and in default. Earlier settlement discussions and a one-time settlement arrangement did not bar admission because they were not complied with in full and the creditor was entitled to revoke them. The NCLT held that the debt was a financial debt and default was established on the record, so the petition was maintainable and admitted. Case-Laws Companies Law Fri, 17 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292441