https://www.taxtmi.com/caselaws?id=297171 A section 7 insolvency application requires proof of financial debt and default, and a loan advanced under credit facilities secured by mortgage and carrying interest qualifies as financial debt. The respondent's project-related defence did not defeat the debt claim, and default was established. However, the application was filed more than three years after the stated date of default, so the residuary limitation period applied and the debt was time-barred for insolvency purposes. On that basis, the petition could not be admitted, even though debt and default were otherwise shown. en-us Wed, 30 Oct 2019 00:00:00 +0530 Sun, 22 Aug 2021 12:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297171 A section 7 insolvency application requires proof of financial debt and default, and a loan advanced under credit facilities secured by mortgage and carrying interest qualifies as financial debt. The respondent's project-related defence did not defeat the debt claim, and default was established. However, the application was filed more than three years after the stated date of default, so the residuary limitation period applied and the debt was time-barred for insolvency purposes. On that basis, the petition could not be admitted, even though debt and default were otherwise shown. Case-Laws Insolvency and Bankruptcy Wed, 30 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297171