https://www.taxtmi.com/highlights?id=76320 Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial creditor was indeed a loan. It pointed out that the financial creditor provided sufficient evidence, including bank transfer details and financial statements, to substantiate the claim. - The Tribunal dismissed the appeal, upholding the Adjudicating Authority's order to admit the Section 7 application and initiate CIRP against the corporate debtor. It affirmed that the financial creditor had successfully proven the existence of a financial debt and a default, warranting the initiation of CIRP. en-us Thu, 04 Apr 2024 04:52:44 +0530 Thu, 04 Apr 2024 04:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=76320 Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial creditor was indeed a loan. It pointed out that the financial creditor provided sufficient evidence, including bank transfer details and financial statements, to substantiate the claim. - The Tribunal dismissed the appeal, upholding the Adjudicating Authority's order to admit the Section 7 application and initiate CIRP against the corporate debtor. It affirmed that the financial creditor had successfully proven the existence of a financial debt and a default, warranting the initiation of CIRP. Highlights Insolvency and Bankruptcy Thu, 04 Apr 2024 04:52:44 +0530 https://www.taxtmi.com/highlights?id=76320