https://www.taxtmi.com/caselaws?id=295419 The tribunal concluded that the petitioners, who provided an interest-free unsecured loan to the corporate debtor, do not fall under the category of financial creditors as defined under the Insolvency and Bankruptcy Code, 2016. The unsecured loan did not have consideration for the time value of money and thus did not qualify as financial debt. Furthermore, the subordination agreement, despite the petitioners' claims of forgery, was found to be binding on them. As a result, the petition was dismissed. en-us Thu, 22 Aug 2019 00:00:00 +0530 Thu, 03 Jun 2021 08:35:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295419 The tribunal concluded that the petitioners, who provided an interest-free unsecured loan to the corporate debtor, do not fall under the category of financial creditors as defined under the Insolvency and Bankruptcy Code, 2016. The unsecured loan did not have consideration for the time value of money and thus did not qualify as financial debt. Furthermore, the subordination agreement, despite the petitioners' claims of forgery, was found to be binding on them. As a result, the petition was dismissed. Case-Laws Insolvency and Bankruptcy Thu, 22 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295419