https://www.taxtmi.com/caselaws?id=294891 An application under section 7 of the Insolvency and Bankruptcy Code was rejected because the applicant failed to establish a legally enforceable financial debt and default. The Tribunal found that the company was treated as active on the filing date, so the maintainability objection on non-existence failed; however, the relied-upon unstamped document did not satisfy the essentials of a promissory note or receipt, did not show repayment terms or consideration for time value of money, and therefore did not prove a financial debt. Default was also not proved, as demand notices and absence of reply were insufficient without reliable supporting material such as an information utility record or bank statement. en-us Mon, 04 Dec 2017 00:00:00 +0530 Sat, 08 May 2021 08:16:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=294891 An application under section 7 of the Insolvency and Bankruptcy Code was rejected because the applicant failed to establish a legally enforceable financial debt and default. The Tribunal found that the company was treated as active on the filing date, so the maintainability objection on non-existence failed; however, the relied-upon unstamped document did not satisfy the essentials of a promissory note or receipt, did not show repayment terms or consideration for time value of money, and therefore did not prove a financial debt. Default was also not proved, as demand notices and absence of reply were insufficient without reliable supporting material such as an information utility record or bank statement. Case-Laws Insolvency and Bankruptcy Mon, 04 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=294891