https://www.taxtmi.com/caselaws?id=776535 Claims based on brokerage or commission adjustments, with only limited booking payments, did not satisfy the requirement of disbursal against time value of money under the Insolvency and Bankruptcy Code. The amounts adjusted against flat allotments were not money actually raised by the corporate debtor from the claimants, so the claims could not be treated as financial debt or allotment-based financial creditor claims. The attempt to reclassify the same underlying brokerage liability as financial debt was also rejected because the claimants had earlier pursued insolvency on the footing of operational debt, and the substance of the transaction remained one for commission or brokerage services rather than borrowing. en-us Fri, 08 Aug 2025 00:00:00 +0530 Wed, 13 Aug 2025 07:27:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776535 Claims based on brokerage or commission adjustments, with only limited booking payments, did not satisfy the requirement of disbursal against time value of money under the Insolvency and Bankruptcy Code. The amounts adjusted against flat allotments were not money actually raised by the corporate debtor from the claimants, so the claims could not be treated as financial debt or allotment-based financial creditor claims. The attempt to reclassify the same underlying brokerage liability as financial debt was also rejected because the claimants had earlier pursued insolvency on the footing of operational debt, and the substance of the transaction remained one for commission or brokerage services rather than borrowing. Case-Laws IBC Fri, 08 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776535