https://www.taxtmi.com/caselaws?id=312570 The Tribunal dismissed the appeal, affirming the Adjudicating Authority's decision that the Share Application Money did not constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. Consequently, the Application under Section 7 was rightly dismissed, as the criteria for initiating insolvency proceedings were not met. The Tribunal also noted that issues related to a dishonored cheque should be addressed through appropriate legal channels, reinforcing the necessity of adhering to the legal definitions and criteria for financial debt in insolvency cases. en-us Thu, 21 Apr 2022 00:00:00 +0530 Mon, 26 Feb 2024 06:13:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312570 The Tribunal dismissed the appeal, affirming the Adjudicating Authority's decision that the Share Application Money did not constitute a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. Consequently, the Application under Section 7 was rightly dismissed, as the criteria for initiating insolvency proceedings were not met. The Tribunal also noted that issues related to a dishonored cheque should be addressed through appropriate legal channels, reinforcing the necessity of adhering to the legal definitions and criteria for financial debt in insolvency cases. Case-Laws Insolvency and Bankruptcy Thu, 21 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312570