https://www.taxtmi.com/caselaws?id=427591 The Tribunal found the application under Section 7 of the Insolvency and Bankruptcy Code maintainable. The Financial Creditor's claim for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, based on interest-free unsecured loans totaling Rs. 1,45,03,369, was supported by documentary evidence. The Tribunal emphasized the expansive definition of "financial debt" under the Code, allowing for unsecured loans to be considered as such. The Corporate Debtor was directed to respond within two weeks, with further hearings scheduled. The judgment highlighted that an express agreement was not necessary to establish the loan, relying on past cases' evidence of accounts. en-us Thu, 11 Aug 2022 00:00:00 +0530 Mon, 12 Sep 2022 19:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427591 The Tribunal found the application under Section 7 of the Insolvency and Bankruptcy Code maintainable. The Financial Creditor's claim for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, based on interest-free unsecured loans totaling Rs. 1,45,03,369, was supported by documentary evidence. The Tribunal emphasized the expansive definition of "financial debt" under the Code, allowing for unsecured loans to be considered as such. The Corporate Debtor was directed to respond within two weeks, with further hearings scheduled. The judgment highlighted that an express agreement was not necessary to establish the loan, relying on past cases' evidence of accounts. Case-Laws Insolvency and Bankruptcy Thu, 11 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427591