https://www.taxtmi.com/caselaws?id=772346 Disbursed debt and default under Section 7 of the Insolvency and Bankruptcy Code, 2016 may be proved through loan documents and account records showing credit entries to the corporate debtor. Here, bank records reflected disbursement in four tranches, and subsequent fund transfers did not displace the fact of financial debt. The loan terms also required payment of PEMI and monthly interest from the date of first disbursement, so default could arise before the EMI amortisation period began. General allegations in collateral applications under Sections 65 and 75 did not undermine the statutory requirements for admission of the insolvency petition. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 07 Jun 2025 08:32:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772346 Disbursed debt and default under Section 7 of the Insolvency and Bankruptcy Code, 2016 may be proved through loan documents and account records showing credit entries to the corporate debtor. Here, bank records reflected disbursement in four tranches, and subsequent fund transfers did not displace the fact of financial debt. The loan terms also required payment of PEMI and monthly interest from the date of first disbursement, so default could arise before the EMI amortisation period began. General allegations in collateral applications under Sections 65 and 75 did not undermine the statutory requirements for admission of the insolvency petition. Case-Laws IBC Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772346