https://www.taxtmi.com/highlights?id=77258 Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The evidence did not conclusively prove the existence of a financial debt as defined under the Insolvency and Bankruptcy Code (IBC). The assignment of alleged receivables to the Appellant did not convert them into a financial debt because the transfer was on an “as is where is” basis without warranties of their recoverability or acknowledgment as debt by the Respondent. en-us Thu, 09 May 2024 09:41:40 +0530 Thu, 09 May 2024 09:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77258 Initiation of CIRP - Existence of a financial debt - Assignment of debt- The Appellate Tribunal (NCLAT) upheld the Adjudicating Authority’s findings, agreeing that: The evidence did not conclusively prove the existence of a financial debt as defined under the Insolvency and Bankruptcy Code (IBC). The assignment of alleged receivables to the Appellant did not convert them into a financial debt because the transfer was on an “as is where is” basis without warranties of their recoverability or acknowledgment as debt by the Respondent. Highlights Insolvency and Bankruptcy Thu, 09 May 2024 09:41:40 +0530 https://www.taxtmi.com/highlights?id=77258