https://www.taxtmi.com/highlights?id=81699 The NCLAT held that the Adjudicating Authority erred in relying solely on the NeSL report as conclusive evidence of a financial debt without affording the Corporate Debtor an opportunity to present its defense. The Balance Sheets mentioned long-term borrowings and liabilities under separate heads, and the nature of the transaction needed examination to determine if it constituted a financial debt. The matter was remitted to the Adjudicating Authority for fresh consideration, allowing the Corporate Debtor to file a reply within three weeks to the Section 7 application. The appeal was allowed due to the lack of appropriate consideration of the real nature of the transaction by the Adjudicating Authority. en-us Thu, 26 Sep 2024 08:15:36 +0530 Thu, 26 Sep 2024 08:15:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=81699 The NCLAT held that the Adjudicating Authority erred in relying solely on the NeSL report as conclusive evidence of a financial debt without affording the Corporate Debtor an opportunity to present its defense. The Balance Sheets mentioned long-term borrowings and liabilities under separate heads, and the nature of the transaction needed examination to determine if it constituted a financial debt. The matter was remitted to the Adjudicating Authority for fresh consideration, allowing the Corporate Debtor to file a reply within three weeks to the Section 7 application. The appeal was allowed due to the lack of appropriate consideration of the real nature of the transaction by the Adjudicating Authority. Highlights IBC Thu, 26 Sep 2024 08:15:36 +0530 https://www.taxtmi.com/highlights?id=81699