https://www.taxtmi.com/caselaws?id=424077 A section 7 insolvency application requires credible material establishing the date of default and the existence of a financial debt with time value of money. Where the loan tenure, repayment demand, or default date is not documented, limitation cannot be treated as satisfactorily excluded. The note also states that unsubstantiated interest claims and post-dated cheques, being supported only by rebuttable presumptions, do not by themselves prove a financial debt for insolvency purposes. In substance, a proceeding used to recover money rather than to trigger insolvency resolution is not maintainable under the Code, and other civil or statutory remedies remain available. en-us Mon, 13 Jun 2022 00:00:00 +0530 Wed, 22 Jun 2022 08:09:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424077 A section 7 insolvency application requires credible material establishing the date of default and the existence of a financial debt with time value of money. Where the loan tenure, repayment demand, or default date is not documented, limitation cannot be treated as satisfactorily excluded. The note also states that unsubstantiated interest claims and post-dated cheques, being supported only by rebuttable presumptions, do not by themselves prove a financial debt for insolvency purposes. In substance, a proceeding used to recover money rather than to trigger insolvency resolution is not maintainable under the Code, and other civil or statutory remedies remain available. Case-Laws Insolvency and Bankruptcy Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424077