https://www.taxtmi.com/highlights?id=93526 NCLAT upheld the Adjudicating Authority's admission of the Section 7 application, dismissing the appeal. The Tribunal found that the respondent's disbursal of Rs.1,00,00,000 on 20.11.2010, consistently recorded in the corporate debtor's balance sheets as "other long-term liabilities," establishes a financial debt within the meaning of Section 5(8) IBC; the time value of money requirement is satisfied. The appellant's retrospective assertion of a consultancy advance, supported only by a pro forma invoice dated nearly two years after disbursement and a belated claim before the liquidator, was held to be unsubstantiated and inherently improbable. Debt and default were found proved; no interference with the admission order was warranted. en-us Sat, 25 Oct 2025 09:00:56 +0530 Sat, 25 Oct 2025 09:00:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=93526 NCLAT upheld the Adjudicating Authority's admission of the Section 7 application, dismissing the appeal. The Tribunal found that the respondent's disbursal of Rs.1,00,00,000 on 20.11.2010, consistently recorded in the corporate debtor's balance sheets as "other long-term liabilities," establishes a financial debt within the meaning of Section 5(8) IBC; the time value of money requirement is satisfied. The appellant's retrospective assertion of a consultancy advance, supported only by a pro forma invoice dated nearly two years after disbursement and a belated claim before the liquidator, was held to be unsubstantiated and inherently improbable. Debt and default were found proved; no interference with the admission order was warranted. Highlights IBC Sat, 25 Oct 2025 09:00:56 +0530 https://www.taxtmi.com/highlights?id=93526