https://www.taxtmi.com/caselaws?id=423471 Amounts advanced for wind energy project supply, erection, commissioning and completion were treated as project-related payments adjusted against project proceeds, not as lending with consideration for time value of money. Although the arrangement was documented in loan-like form, the accounting treatment as capital advance and the surrounding commercial structure showed that the Corporate Debtor functioned only as a guarantor in a project funding arrangement. On that basis, the claim did not satisfy the statutory definition of financial debt, and a Section 7 insolvency petition would not be maintainable on such a claim. en-us Fri, 03 Jun 2022 00:00:00 +0530 Tue, 07 Jun 2022 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423471 Amounts advanced for wind energy project supply, erection, commissioning and completion were treated as project-related payments adjusted against project proceeds, not as lending with consideration for time value of money. Although the arrangement was documented in loan-like form, the accounting treatment as capital advance and the surrounding commercial structure showed that the Corporate Debtor functioned only as a guarantor in a project funding arrangement. On that basis, the claim did not satisfy the statutory definition of financial debt, and a Section 7 insolvency petition would not be maintainable on such a claim. Case-Laws Insolvency and Bankruptcy Fri, 03 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423471