https://www.taxtmi.com/caselaws?id=424077 Section 7 insolvency admission requires credible proof of both the date of default and a financial debt involving time value of money. Where loan tenure, repayment demand and default date cannot be established, limitation cannot be assessed with certainty. Unsubstantiated interest claims and post-dated cheques, whose statutory presumptions are rebuttable, do not by themselves establish an unconditional financial debt. Proceedings that substantively seek money recovery rather than insolvency resolution are not maintainable under the Code. The application was dismissed without admission, while other legal remedies remained 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 Section 7 insolvency admission requires credible proof of both the date of default and a financial debt involving time value of money. Where loan tenure, repayment demand and default date cannot be established, limitation cannot be assessed with certainty. Unsubstantiated interest claims and post-dated cheques, whose statutory presumptions are rebuttable, do not by themselves establish an unconditional financial debt. Proceedings that substantively seek money recovery rather than insolvency resolution are not maintainable under the Code. The application was dismissed without admission, while other legal remedies remained available. Case-Laws Insolvency and Bankruptcy Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424077