https://www.taxtmi.com/caselaws?id=418167 The Tribunal determined that the amount claimed under the Promissory Note qualifies as a Financial Debt under Section 8 Clause (c) of the IBC, 2016. Despite the absence of a Board Resolution authorizing the loan, the Tribunal found that the Promissory Note met the criteria of Financial Debt and there was a default in payment. Consequently, the Tribunal issued a notice to the Respondent, emphasizing the need to establish the nature of the debt and any defaults before proceeding further under Section 7, directing service through various modes including email. en-us Mon, 31 Jan 2022 00:00:00 +0530 Thu, 10 Feb 2022 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418167 The Tribunal determined that the amount claimed under the Promissory Note qualifies as a Financial Debt under Section 8 Clause (c) of the IBC, 2016. Despite the absence of a Board Resolution authorizing the loan, the Tribunal found that the Promissory Note met the criteria of Financial Debt and there was a default in payment. Consequently, the Tribunal issued a notice to the Respondent, emphasizing the need to establish the nature of the debt and any defaults before proceeding further under Section 7, directing service through various modes including email. Case-Laws Insolvency and Bankruptcy Mon, 31 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418167