https://www.taxtmi.com/caselaws?id=445636 NCLAT upheld NCLT's rejection of Section 7 application for CIRP initiation. Tribunal found no concluded contract between parties and no financial debt existed. Appellant failed to establish Rs.2.6 crore was advanced pursuant to private placement offer under Section 42 of Companies Act. No material evidence showed company issued private placement offer or that amount qualified as financial debt under IBC Section 5(8). While NCLAT criticized NCLT's finding in paragraph 27 regarding debt liquidation as unsustainable and based on conjecture, it ultimately upheld the rejection order. Appeal was disposed of with NCLT's decision maintained. en-us Fri, 10 Nov 2023 00:00:00 +0530 Tue, 14 Nov 2023 15:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445636 NCLAT upheld NCLT's rejection of Section 7 application for CIRP initiation. Tribunal found no concluded contract between parties and no financial debt existed. Appellant failed to establish Rs.2.6 crore was advanced pursuant to private placement offer under Section 42 of Companies Act. No material evidence showed company issued private placement offer or that amount qualified as financial debt under IBC Section 5(8). While NCLAT criticized NCLT's finding in paragraph 27 regarding debt liquidation as unsustainable and based on conjecture, it ultimately upheld the rejection order. Appeal was disposed of with NCLT's decision maintained. Case-Laws Insolvency and Bankruptcy Fri, 10 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445636