https://www.taxtmi.com/caselaws?id=764886 NCLAT allowed appeal challenging rejection of insolvency petition under Section 7 of IBC. Tribunal held that transaction involving iron ore sale constituted financial debt under Section 5(8)(e) of IBC. Corporate debtor failed to repay Rs.1.65 crores despite acknowledging receipt of Rs.1 crore payment. Adjudicating Authority erred in rejecting application without sufficient reasoning for determining default date. Appellant successfully proved existence of financial debt and default, warranting initiation of insolvency resolution process against corporate debtor. en-us Mon, 13 Jan 2025 00:00:00 +0530 Sat, 18 Jan 2025 13:49:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764886 NCLAT allowed appeal challenging rejection of insolvency petition under Section 7 of IBC. Tribunal held that transaction involving iron ore sale constituted financial debt under Section 5(8)(e) of IBC. Corporate debtor failed to repay Rs.1.65 crores despite acknowledging receipt of Rs.1 crore payment. Adjudicating Authority erred in rejecting application without sufficient reasoning for determining default date. Appellant successfully proved existence of financial debt and default, warranting initiation of insolvency resolution process against corporate debtor. Case-Laws IBC Mon, 13 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764886