https://www.taxtmi.com/caselaws?id=426642 The Tribunal dismissed the appeal as the financial assistance provided did not qualify as financial debt under the Insolvency and Bankruptcy Code (IBC). The debt was specific to a contract and did not aim to ensure the financial viability of the respondent. Due to the absence of a repayment schedule and a defined default event, the debt was not considered in default. The confiscation of iron ore by government authorities constituted a force majeure event, relieving the respondent from liability. Previous judgments citing the debt as financial were overridden by the Supreme Court's interpretation, leading to the dismissal of the appeal under Section 7 of the IBC. en-us Mon, 22 Aug 2022 00:00:00 +0530 Mon, 22 Aug 2022 17:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426642 The Tribunal dismissed the appeal as the financial assistance provided did not qualify as financial debt under the Insolvency and Bankruptcy Code (IBC). The debt was specific to a contract and did not aim to ensure the financial viability of the respondent. Due to the absence of a repayment schedule and a defined default event, the debt was not considered in default. The confiscation of iron ore by government authorities constituted a force majeure event, relieving the respondent from liability. Previous judgments citing the debt as financial were overridden by the Supreme Court's interpretation, leading to the dismissal of the appeal under Section 7 of the IBC. Case-Laws Insolvency and Bankruptcy Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426642