https://www.taxtmi.com/caselaws?id=760754 The NCLT Chennai admitted a Section 7 application for initiating CIRP against a corporate debtor. The tribunal determined that receivables discounting with recourse constituted financial debt under Section 5(8)(e) of IBC. Following SC precedents in Innoventive Industries and Mobilox Innovations, the tribunal held that upon establishing financial debt exceeding Rs. 1 crore and default, admission is mandatory. The corporate debtor's defenses of set-off or counter-claims cannot constitute disputes regarding financial debt. With proven debt and default exceeding Rs. 1 crore, CIRP was initiated and moratorium declared. en-us Wed, 12 Jun 2024 00:00:00 +0530 Fri, 25 Oct 2024 14:11:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760754 The NCLT Chennai admitted a Section 7 application for initiating CIRP against a corporate debtor. The tribunal determined that receivables discounting with recourse constituted financial debt under Section 5(8)(e) of IBC. Following SC precedents in Innoventive Industries and Mobilox Innovations, the tribunal held that upon establishing financial debt exceeding Rs. 1 crore and default, admission is mandatory. The corporate debtor's defenses of set-off or counter-claims cannot constitute disputes regarding financial debt. With proven debt and default exceeding Rs. 1 crore, CIRP was initiated and moratorium declared. Case-Laws IBC Wed, 12 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760754