https://www.taxtmi.com/caselaws?id=309871 The Appellate Tribunal upheld the dismissal of the appeal regarding the rejection of a Section 7 petition by the Adjudicating Authority. The judgment emphasized that the guarantee provided by the Appellant did not qualify as financial debt under Section 5 (8) (i) of the Code. The execution of an existing award by the Financial Creditor, requiring the Appellant to pay a Cash Security amount with interest, was a crucial factor leading to the refusal of the Section 7 application. The decision highlighted that mere proof of debt and default does not necessarily compel admission of a Section 7 petition. en-us Tue, 15 Nov 2022 00:00:00 +0530 Tue, 26 Sep 2023 08:19:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309871 The Appellate Tribunal upheld the dismissal of the appeal regarding the rejection of a Section 7 petition by the Adjudicating Authority. The judgment emphasized that the guarantee provided by the Appellant did not qualify as financial debt under Section 5 (8) (i) of the Code. The execution of an existing award by the Financial Creditor, requiring the Appellant to pay a Cash Security amount with interest, was a crucial factor leading to the refusal of the Section 7 application. The decision highlighted that mere proof of debt and default does not necessarily compel admission of a Section 7 petition. Case-Laws Companies Law Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309871