https://www.taxtmi.com/caselaws?id=416471 An application under Section 7 of the Insolvency and Bankruptcy Code requires proof of a due and payable financial debt, a financial contract, and default supported by material showing disbursement, tenure, interest and repayment terms. The record did not contain the required financial contract or documentary proof of the claimed debt, and the applicant failed to satisfy the application rules and creditor claim regulations. As the existence of financial debt and default was not established, the application was not admitted and was liable to be rejected. en-us Fri, 17 Dec 2021 00:00:00 +0530 Thu, 30 Dec 2021 08:31:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416471 An application under Section 7 of the Insolvency and Bankruptcy Code requires proof of a due and payable financial debt, a financial contract, and default supported by material showing disbursement, tenure, interest and repayment terms. The record did not contain the required financial contract or documentary proof of the claimed debt, and the applicant failed to satisfy the application rules and creditor claim regulations. As the existence of financial debt and default was not established, the application was not admitted and was liable to be rejected. Case-Laws Insolvency and Bankruptcy Fri, 17 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416471