https://www.taxtmi.com/caselaws?id=752371 NCLAT Principal Bench dismissed appeal challenging rejection of Section 7 application for CIRP initiation. Adjudicating Authority correctly found appellant failed to establish financial debt under Section 5(8) IBC, as no evidence showed disbursal against consideration for time value of money. Absence of balance confirmation for alleged unsecured loan, non-reflection of receivables in balance sheet from 2017-18, and lack of substantiation regarding disbursement for time value supported rejection. Confirmation letter dated 25.05.2014 deemed irrelevant without proper documentation. Debt and default not established in clear, precise terms as mandated under Section 7 IBC. en-us Wed, 08 May 2024 00:00:00 +0530 Thu, 09 May 2024 07:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752371 NCLAT Principal Bench dismissed appeal challenging rejection of Section 7 application for CIRP initiation. Adjudicating Authority correctly found appellant failed to establish financial debt under Section 5(8) IBC, as no evidence showed disbursal against consideration for time value of money. Absence of balance confirmation for alleged unsecured loan, non-reflection of receivables in balance sheet from 2017-18, and lack of substantiation regarding disbursement for time value supported rejection. Confirmation letter dated 25.05.2014 deemed irrelevant without proper documentation. Debt and default not established in clear, precise terms as mandated under Section 7 IBC. Case-Laws Insolvency and Bankruptcy Wed, 08 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752371