https://www.taxtmi.com/caselaws?id=431359 A commercial import-and-sale arrangement was treated as buyer-seller dealing rather than a financial creditor-corporate debtor relationship, because the agreements read with the memorandum of understanding showed a composite commercial transaction and not a standalone financial debt. The high seas sale agreement was identified as the principal source document, with the loan and renewal agreements forming part of the overall commercial documentation. The later memorandum of understanding was viewed as a post-award settlement arrangement intended to implement the consent terms, so the arbitral award was subject to it. As no requisite financial debt was shown, the insolvency basis for admission under section 7 was not made out. en-us Tue, 15 Nov 2022 00:00:00 +0530 Mon, 05 Dec 2022 10:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431359 A commercial import-and-sale arrangement was treated as buyer-seller dealing rather than a financial creditor-corporate debtor relationship, because the agreements read with the memorandum of understanding showed a composite commercial transaction and not a standalone financial debt. The high seas sale agreement was identified as the principal source document, with the loan and renewal agreements forming part of the overall commercial documentation. The later memorandum of understanding was viewed as a post-award settlement arrangement intended to implement the consent terms, so the arbitral award was subject to it. As no requisite financial debt was shown, the insolvency basis for admission under section 7 was not made out. Case-Laws Insolvency and Bankruptcy Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431359