https://www.taxtmi.com/caselaws?id=438127 The Tribunal held that the payment made by the Appellant to SBI on behalf of the Corporate Debtor qualifies as a 'financial debt' under the IBC. However, it found that the debt had not become due and payable, as the full consideration amount was not paid by the Appellant. Therefore, the Tribunal affirmed the dismissal of the Section 7 application, advising the Appellant to seek remedial action in another forum for debt recovery. en-us Mon, 22 May 2023 00:00:00 +0530 Wed, 24 May 2023 11:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438127 The Tribunal held that the payment made by the Appellant to SBI on behalf of the Corporate Debtor qualifies as a 'financial debt' under the IBC. However, it found that the debt had not become due and payable, as the full consideration amount was not paid by the Appellant. Therefore, the Tribunal affirmed the dismissal of the Section 7 application, advising the Appellant to seek remedial action in another forum for debt recovery. Case-Laws Insolvency and Bankruptcy Mon, 22 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438127