https://www.taxtmi.com/caselaws?id=297669 The application under section 7 of the Insolvency and Bankruptcy Code, 2016 to trigger the corporate insolvency resolution process was dismissed by the Tribunal. The applicant failed to prove the debt qualified as a financial debt as required by the Code, lacking evidence of disbursement against the time value of money or any agreed interest terms. Without meeting these criteria, the applicant could not be considered a financial creditor. The dismissal of the application was without prejudice to the rights of the applicants before other forums, with the order served for compliance and information. en-us Fri, 23 Oct 2020 00:00:00 +0530 Thu, 25 Nov 2021 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297669 The application under section 7 of the Insolvency and Bankruptcy Code, 2016 to trigger the corporate insolvency resolution process was dismissed by the Tribunal. The applicant failed to prove the debt qualified as a financial debt as required by the Code, lacking evidence of disbursement against the time value of money or any agreed interest terms. Without meeting these criteria, the applicant could not be considered a financial creditor. The dismissal of the application was without prejudice to the rights of the applicants before other forums, with the order served for compliance and information. Case-Laws Insolvency and Bankruptcy Fri, 23 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297669