https://www.taxtmi.com/caselaws?id=437721 Corporate debtor records and a signed settlement agreement can establish unpaid operational debt and default under Section 9 of the Insolvency and Bankruptcy Code, 2016. Here, the balance sheet reflected the amount due to the operational creditor as trade payables, while the alleged adjustments were shown separately as receivables from other entities. The settlement agreement also amounted to an acknowledgment of liability. A plea that the debt had been adjusted or paid through sister concerns therefore failed, and later criminal proceedings did not displace the documentary proof of default. The admission of the Section 9 application was upheld. en-us Tue, 11 Apr 2023 00:00:00 +0530 Fri, 12 May 2023 22:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437721 Corporate debtor records and a signed settlement agreement can establish unpaid operational debt and default under Section 9 of the Insolvency and Bankruptcy Code, 2016. Here, the balance sheet reflected the amount due to the operational creditor as trade payables, while the alleged adjustments were shown separately as receivables from other entities. The settlement agreement also amounted to an acknowledgment of liability. A plea that the debt had been adjusted or paid through sister concerns therefore failed, and later criminal proceedings did not displace the documentary proof of default. The admission of the Section 9 application was upheld. Case-Laws Insolvency and Bankruptcy Tue, 11 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437721