https://www.taxtmi.com/caselaws?id=447943 The NCLAT dismissed an appeal challenging the Resolution Professional's rejection of the appellant's claim as a financial creditor. The tribunal found no evidence of disbursement by the appellant to the corporate debtor, which is essential to prove financial debt for time value of money. The appellant claimed inter-corporate loans in Form C but failed to substantiate any actual loan transactions. The balance sheet did not reflect any borrowings under the appropriate heading, and the appellant's application contained no mention of loans to the corporate debtor. The NCLAT upheld the Adjudicating Authority's decision under Section 60(5), confirming the rejection was proper as the appellant failed to prove the transaction as a deposit or loan. en-us Fri, 05 Jan 2024 00:00:00 +0530 Tue, 09 Jan 2024 08:35:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447943 The NCLAT dismissed an appeal challenging the Resolution Professional's rejection of the appellant's claim as a financial creditor. The tribunal found no evidence of disbursement by the appellant to the corporate debtor, which is essential to prove financial debt for time value of money. The appellant claimed inter-corporate loans in Form C but failed to substantiate any actual loan transactions. The balance sheet did not reflect any borrowings under the appropriate heading, and the appellant's application contained no mention of loans to the corporate debtor. The NCLAT upheld the Adjudicating Authority's decision under Section 60(5), confirming the rejection was proper as the appellant failed to prove the transaction as a deposit or loan. Case-Laws Insolvency and Bankruptcy Fri, 05 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447943