https://www.taxtmi.com/caselaws?id=408596 A section 7 petition under the Insolvency and Bankruptcy Code was found not maintainable where the alleged default depended on the lender's release of additional security, project completion, and escrow-based realisation of receivables. The Tribunal treated the repayment obligation as contractually contingent on these linked commercial arrangements rather than as an immediate, unconditional debt. Because the liability had not crystallised into a due and payable default on the facts pleaded, a legally enforceable default was not established against the corporate debtor. en-us Fri, 28 May 2021 00:00:00 +0530 Wed, 16 Jun 2021 10:36:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408596 A section 7 petition under the Insolvency and Bankruptcy Code was found not maintainable where the alleged default depended on the lender's release of additional security, project completion, and escrow-based realisation of receivables. The Tribunal treated the repayment obligation as contractually contingent on these linked commercial arrangements rather than as an immediate, unconditional debt. Because the liability had not crystallised into a due and payable default on the facts pleaded, a legally enforceable default was not established against the corporate debtor. Case-Laws Insolvency and Bankruptcy Fri, 28 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408596