https://www.taxtmi.com/caselaws?id=764620 Audited balance sheets, ledger entries, bank statements, Form 26AS and other financial records showing disbursement and interest supported the finding that the amounts advanced were financial debt and not equity. The corporate debtor's signed balance sheets recorded the liability, amounting to acknowledgement of debt, and non-repayment despite demand established default. The appellate challenge to the Section 7 admission also became infructuous after subsequent approval of the resolution plan in connected proceedings, and in any event the record supported the admission order. The appellate challenge therefore failed and the Section 7 order was left undisturbed. en-us Mon, 06 Jan 2025 00:00:00 +0530 Tue, 14 Jan 2025 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764620 Audited balance sheets, ledger entries, bank statements, Form 26AS and other financial records showing disbursement and interest supported the finding that the amounts advanced were financial debt and not equity. The corporate debtor's signed balance sheets recorded the liability, amounting to acknowledgement of debt, and non-repayment despite demand established default. The appellate challenge to the Section 7 admission also became infructuous after subsequent approval of the resolution plan in connected proceedings, and in any event the record supported the admission order. The appellate challenge therefore failed and the Section 7 order was left undisturbed. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764620