https://www.taxtmi.com/caselaws?id=420073 A disbursed loan carrying interest and governed by repayment terms, default clauses and security arrangements constituted financial debt because it was advanced for consideration for the time value of money. Default was established from the repayment record and demand notices, so admission of the Section 7 insolvency application was justified. The tribunal also held that insolvency claims and proceedings may proceed in parallel against co-borrowers and personal guarantors for the same underlying liability, since their obligation was joint and co-extensive and the Code does not bar concurrent pursuit until actual recovery is made. en-us Thu, 24 Mar 2022 00:00:00 +0530 Fri, 25 Mar 2022 17:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420073 A disbursed loan carrying interest and governed by repayment terms, default clauses and security arrangements constituted financial debt because it was advanced for consideration for the time value of money. Default was established from the repayment record and demand notices, so admission of the Section 7 insolvency application was justified. The tribunal also held that insolvency claims and proceedings may proceed in parallel against co-borrowers and personal guarantors for the same underlying liability, since their obligation was joint and co-extensive and the Code does not bar concurrent pursuit until actual recovery is made. Case-Laws Insolvency and Bankruptcy Thu, 24 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420073