https://www.taxtmi.com/caselaws?id=420855 The tribunal concluded that the debt in question qualifies as a financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC) based on ledger accounts and settlement offers acknowledging the debt. Despite the absence of a written loan agreement, the application under Section 7 of the IBC was deemed maintainable due to entries in the corporate debtor's books of account constituting an acknowledgment of liability. The application was found not barred by limitation as it was filed within the prescribed period. Consequently, the tribunal admitted the application, appointed an Interim Resolution Professional, and imposed a moratorium, allowing the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. en-us Wed, 30 Mar 2022 00:00:00 +0530 Tue, 12 Apr 2022 09:16:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420855 The tribunal concluded that the debt in question qualifies as a financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC) based on ledger accounts and settlement offers acknowledging the debt. Despite the absence of a written loan agreement, the application under Section 7 of the IBC was deemed maintainable due to entries in the corporate debtor's books of account constituting an acknowledgment of liability. The application was found not barred by limitation as it was filed within the prescribed period. Consequently, the tribunal admitted the application, appointed an Interim Resolution Professional, and imposed a moratorium, allowing the initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor. Case-Laws Insolvency and Bankruptcy Wed, 30 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420855