https://www.taxtmi.com/caselaws?id=429921 For admission under Section 7 of the Insolvency and Bankruptcy Code, 2016, a financial creditor must establish both the existence of a financial debt and default. Mere proof that money was disbursed, or reliance on bank entries, balance sheets, cheque dishonour material, TDS-related material and alleged acknowledgements, was found insufficient where the transaction's character remained disputed and the contractual terms of repayment, interest and tenure were not reliably proved. In the absence of proof that the amount was a loan advanced against time value of money, the dishonoured cheques and TDS deductions did not by themselves establish default. On the facts proved, the Section 7 application was not maintainable. en-us Thu, 20 Oct 2022 00:00:00 +0530 Tue, 08 Nov 2022 09:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429921 For admission under Section 7 of the Insolvency and Bankruptcy Code, 2016, a financial creditor must establish both the existence of a financial debt and default. Mere proof that money was disbursed, or reliance on bank entries, balance sheets, cheque dishonour material, TDS-related material and alleged acknowledgements, was found insufficient where the transaction's character remained disputed and the contractual terms of repayment, interest and tenure were not reliably proved. In the absence of proof that the amount was a loan advanced against time value of money, the dishonoured cheques and TDS deductions did not by themselves establish default. On the facts proved, the Section 7 application was not maintainable. Case-Laws Insolvency and Bankruptcy Thu, 20 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429921