https://www.taxtmi.com/caselaws?id=417817 Section 7 of the Insolvency and Bankruptcy Code requires the applicant to show a legally cognisable financial debt, disbursal for consideration of time value of money, and default on reliable material. The record was found insufficient because the alleged unsecured advances were not supported by dependable documents showing the character of a financial debt or a borrowing by the corporate debtor. Incomplete pleadings, missing particulars, and inconsistencies in figures and dates further weakened the claim. Mere payment of interest or deduction of TDS was held inadequate to establish financial creditor status or default, so refusal to commence CIRP was upheld. en-us Tue, 01 Feb 2022 00:00:00 +0530 Wed, 02 Feb 2022 08:45:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417817 Section 7 of the Insolvency and Bankruptcy Code requires the applicant to show a legally cognisable financial debt, disbursal for consideration of time value of money, and default on reliable material. The record was found insufficient because the alleged unsecured advances were not supported by dependable documents showing the character of a financial debt or a borrowing by the corporate debtor. Incomplete pleadings, missing particulars, and inconsistencies in figures and dates further weakened the claim. Mere payment of interest or deduction of TDS was held inadequate to establish financial creditor status or default, so refusal to commence CIRP was upheld. Case-Laws Insolvency and Bankruptcy Tue, 01 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417817