https://www.taxtmi.com/caselaws?id=787554 Whether funds totalling the disbursed sum constituted financial debt was decided by characterising the agreement's refundable deposit plus 50:50 profit share as consideration for the time value of money and thus having the commercial effect of a borrowing; outcome: treated as financial debt. Whether default existed was resolved by the corporate debtor's admission of receipt, termination of the agreement and non refund, resulting in established default. Whether pending arbitration barred insolvency proceedings was resolved by holding that once debt and default are established, pendency of arbitral proceedings does not preclude admission of an insolvency petition. en-us Fri, 29 Aug 2025 00:00:00 +0530 Mon, 09 Mar 2026 07:53:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787554 Whether funds totalling the disbursed sum constituted financial debt was decided by characterising the agreement's refundable deposit plus 50:50 profit share as consideration for the time value of money and thus having the commercial effect of a borrowing; outcome: treated as financial debt. Whether default existed was resolved by the corporate debtor's admission of receipt, termination of the agreement and non refund, resulting in established default. Whether pending arbitration barred insolvency proceedings was resolved by holding that once debt and default are established, pendency of arbitral proceedings does not preclude admission of an insolvency petition. Case-Laws IBC Fri, 29 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787554