https://www.taxtmi.com/caselaws?id=298695 The Tribunal considered whether an advance satisfied the ingredients of financial debt under the Insolvency and Bankruptcy Code and whether BVN Traders could be treated as a financial creditor. The Committee of Creditors had, by majority, accepted the claim as financial in nature, and the Tribunal held that the suspended management and the Resolution Professional had no locus to challenge that commercial wisdom on the creditor's status. BVN Traders was therefore recognised as a financial creditor, the amount advanced was treated as financial debt, and the challenge was rejected. en-us Thu, 23 Jan 2020 00:00:00 +0530 Tue, 16 Nov 2021 09:28:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298695 The Tribunal considered whether an advance satisfied the ingredients of financial debt under the Insolvency and Bankruptcy Code and whether BVN Traders could be treated as a financial creditor. The Committee of Creditors had, by majority, accepted the claim as financial in nature, and the Tribunal held that the suspended management and the Resolution Professional had no locus to challenge that commercial wisdom on the creditor's status. BVN Traders was therefore recognised as a financial creditor, the amount advanced was treated as financial debt, and the challenge was rejected. Case-Laws Insolvency and Bankruptcy Thu, 23 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298695