https://www.taxtmi.com/caselaws?id=447392 NCLAT upheld the Adjudicating Authority's decision to admit Section 7 CIRP proceedings against the corporate debtor. The appellant challenged the maintainability of proceedings based on an unstamped confirmation and undertaking document worth Rs. 7 crores. NCLAT held that non-stamping of a document does not render CIRP non-maintainable when other evidence proves financial debt and default. The tribunal found the transaction constituted a loan, not investment, based on audited financial statements showing it as unsecured loan, admitted interest servicing, and NeSL report confirming default. The appeal was dismissed. en-us Fri, 22 Dec 2023 00:00:00 +0530 Mon, 25 Dec 2023 09:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447392 NCLAT upheld the Adjudicating Authority's decision to admit Section 7 CIRP proceedings against the corporate debtor. The appellant challenged the maintainability of proceedings based on an unstamped confirmation and undertaking document worth Rs. 7 crores. NCLAT held that non-stamping of a document does not render CIRP non-maintainable when other evidence proves financial debt and default. The tribunal found the transaction constituted a loan, not investment, based on audited financial statements showing it as unsecured loan, admitted interest servicing, and NeSL report confirming default. The appeal was dismissed. Case-Laws Insolvency and Bankruptcy Fri, 22 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447392