https://www.taxtmi.com/caselaws?id=440036 A disputed claim arising from an inter se family settlement and related arrangement was held not to be a financial debt, because it did not involve disbursal to the corporate debtor for consideration of the time value of money. The Section 7 insolvency application therefore failed. Entries in the corporate debtor's balance sheets were also held not to amount to an acknowledgement of liability, since the debtor had contemporaneously disputed the claim and later notes expressly denied it; accordingly, limitation was not extended. The impugned order was sustained on the basis that no enforceable financial debt was established. en-us Tue, 04 Jul 2023 00:00:00 +0530 Sat, 08 Jul 2023 08:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440036 A disputed claim arising from an inter se family settlement and related arrangement was held not to be a financial debt, because it did not involve disbursal to the corporate debtor for consideration of the time value of money. The Section 7 insolvency application therefore failed. Entries in the corporate debtor's balance sheets were also held not to amount to an acknowledgement of liability, since the debtor had contemporaneously disputed the claim and later notes expressly denied it; accordingly, limitation was not extended. The impugned order was sustained on the basis that no enforceable financial debt was established. Case-Laws Insolvency and Bankruptcy Tue, 04 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440036