https://www.taxtmi.com/caselaws?id=770587 NCLAT dismissed appeal challenging CIRP initiation against corporate debtor. Tribunal held that Rs. 2.5 crores reflected in audited financial statements constituted financial debt despite absence of written loan agreement. Default date of 31.01.2019 preceded Section 10A restricted period (25.03.2020-25.03.2021), making CIRP petition valid. Information utility records provided additional evidence supporting debt and default claims. Liquidator had proper authority from adjudicating authority to file Section 7 application for debt recovery rather than auction book debts. Court ruled liquidator was within rights and obligated to pursue legal recourse for clear default. en-us Fri, 02 May 2025 00:00:00 +0530 Wed, 14 May 2025 07:48:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770587 NCLAT dismissed appeal challenging CIRP initiation against corporate debtor. Tribunal held that Rs. 2.5 crores reflected in audited financial statements constituted financial debt despite absence of written loan agreement. Default date of 31.01.2019 preceded Section 10A restricted period (25.03.2020-25.03.2021), making CIRP petition valid. Information utility records provided additional evidence supporting debt and default claims. Liquidator had proper authority from adjudicating authority to file Section 7 application for debt recovery rather than auction book debts. Court ruled liquidator was within rights and obligated to pursue legal recourse for clear default. Case-Laws IBC Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770587