https://www.taxtmi.com/caselaws?id=750937 NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application under IBC. The tribunal held that Rs. 5 crore disbursed to the corporate debtor constituted financial debt as it involved disbursal against consideration for time value of money, citing Supreme Court precedents in Pioneer Urban Land and Jaypee Infratech cases. The corporate debtor failed to dispute the debt or prove repayment. The adjudicating authority correctly found financial debt existence, default above threshold limit, and properly admitted the corporate debtor into CIRP process under summary jurisdiction. en-us Tue, 02 Apr 2024 00:00:00 +0530 Thu, 04 Apr 2024 04:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750937 NCLAT Principal Bench dismissed an appeal challenging admission of a Section 7 application under IBC. The tribunal held that Rs. 5 crore disbursed to the corporate debtor constituted financial debt as it involved disbursal against consideration for time value of money, citing Supreme Court precedents in Pioneer Urban Land and Jaypee Infratech cases. The corporate debtor failed to dispute the debt or prove repayment. The adjudicating authority correctly found financial debt existence, default above threshold limit, and properly admitted the corporate debtor into CIRP process under summary jurisdiction. Case-Laws Insolvency and Bankruptcy Tue, 02 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750937