https://www.taxtmi.com/caselaws?id=770586 An unpaid arbitral award that has attained finality can crystallise a financial debt under the Insolvency and Bankruptcy Code, and non-payment constitutes default. The corporate debtor's objections about machinery supply, changed specifications, and alleged third-party breaches did not negate the debt owed to the financial creditor, because the financing arrangement, supporting documents, and charge registration were undisputed and the award liability had been affirmed after the Section 34 challenge failed. On that basis, admission into the corporate insolvency resolution process under Section 7 was sustained and the insolvency commencement order was upheld. en-us Fri, 02 May 2025 00:00:00 +0530 Tue, 13 May 2025 14:09:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770586 An unpaid arbitral award that has attained finality can crystallise a financial debt under the Insolvency and Bankruptcy Code, and non-payment constitutes default. The corporate debtor's objections about machinery supply, changed specifications, and alleged third-party breaches did not negate the debt owed to the financial creditor, because the financing arrangement, supporting documents, and charge registration were undisputed and the award liability had been affirmed after the Section 34 challenge failed. On that basis, admission into the corporate insolvency resolution process under Section 7 was sustained and the insolvency commencement order was upheld. Case-Laws IBC Fri, 02 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770586