https://www.taxtmi.com/caselaws?id=464006 A sale of assets for a fixed consideration was not treated as a loan merely because the unpaid balance was payable in instalments with interest and security. The contemporaneous documents controlled the character of the transaction, and later pleadings could not convert a sale into borrowing. As no money was disbursed against the consideration for the time value of money, no financial debt arose under the Insolvency and Bankruptcy Code. On that basis, a section 7 application by a financial creditor was not maintainable against the corporate debtor, and the admission order was set aside. en-us Mon, 09 Sep 2024 00:00:00 +0530 Fri, 26 Sep 2025 20:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464006 A sale of assets for a fixed consideration was not treated as a loan merely because the unpaid balance was payable in instalments with interest and security. The contemporaneous documents controlled the character of the transaction, and later pleadings could not convert a sale into borrowing. As no money was disbursed against the consideration for the time value of money, no financial debt arose under the Insolvency and Bankruptcy Code. On that basis, a section 7 application by a financial creditor was not maintainable against the corporate debtor, and the admission order was set aside. Case-Laws IBC Mon, 09 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464006