https://www.taxtmi.com/highlights?id=65391 Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for amount claimed in default/amount transferred towards corpus fund, hence the given transaction of transfer of corpus funds into the loan account would not qualify as a financial debt as per the definition laid down in Section 5(8) - Applicant failed to qualify the threshold prescribed in the proviso laid down under section 7 (1). - Tri en-us Thu, 01 Sep 2022 08:29:50 +0530 Thu, 01 Sep 2022 08:29:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=65391 Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for amount claimed in default/amount transferred towards corpus fund, hence the given transaction of transfer of corpus funds into the loan account would not qualify as a financial debt as per the definition laid down in Section 5(8) - Applicant failed to qualify the threshold prescribed in the proviso laid down under section 7 (1). - Tri Highlights Insolvency and Bankruptcy Thu, 01 Sep 2022 08:29:50 +0530 https://www.taxtmi.com/highlights?id=65391