https://www.taxtmi.com/caselaws?id=297178 A claim can qualify as a financial debt under the Insolvency and Bankruptcy Code, 2016 only if it is disbursed against consideration for the time value of money and fits within the inclusive categories in section 5(8). On the facts, the absence of a written loan document, reliable proof of agreed interest, and a consistent repayment demand, together with material showing the payment was linked to a solar project transaction, meant the amount was not established as borrowing with the commercial effect of borrowing. The petitioner therefore failed to prove a financial debt and was not a financial creditor entitled to invoke section 7 CIRP. en-us Wed, 06 Mar 2019 00:00:00 +0530 Sun, 22 Aug 2021 12:07:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297178 A claim can qualify as a financial debt under the Insolvency and Bankruptcy Code, 2016 only if it is disbursed against consideration for the time value of money and fits within the inclusive categories in section 5(8). On the facts, the absence of a written loan document, reliable proof of agreed interest, and a consistent repayment demand, together with material showing the payment was linked to a solar project transaction, meant the amount was not established as borrowing with the commercial effect of borrowing. The petitioner therefore failed to prove a financial debt and was not a financial creditor entitled to invoke section 7 CIRP. Case-Laws Insolvency and Bankruptcy Wed, 06 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297178