https://www.taxtmi.com/caselaws?id=417713 The Tribunal determined that the short-term loan provided by the applicant, even without accruing interest, qualifies as "Financial Debt" under the Insolvency and Bankruptcy Code (IBC), 2016. The applicant was recognized as a "Financial Creditor" as the loan was intended to meet the Corporate Debtor's working capital requirements. Consequently, the Tribunal ordered the issuance of notice to the Corporate Debtor, initiating the Corporate Insolvency Resolution Process (CIRP) based on the established default and interpretations of the IBC, 2016. en-us Wed, 19 Jan 2022 00:00:00 +0530 Mon, 31 Jan 2022 07:18:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417713 The Tribunal determined that the short-term loan provided by the applicant, even without accruing interest, qualifies as "Financial Debt" under the Insolvency and Bankruptcy Code (IBC), 2016. The applicant was recognized as a "Financial Creditor" as the loan was intended to meet the Corporate Debtor's working capital requirements. Consequently, the Tribunal ordered the issuance of notice to the Corporate Debtor, initiating the Corporate Insolvency Resolution Process (CIRP) based on the established default and interpretations of the IBC, 2016. Case-Laws Insolvency and Bankruptcy Wed, 19 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417713