https://www.taxtmi.com/highlights?id=97980 Under the IBC, a written loan agreement is not a sine qua non for proving financial debt; debt and default may be established from contemporaneous records such as bank statements, acknowledgements, promissory notes, TDS on interest and post-dated cheques, so rejection solely for absence of a written contract is unsustainable. Withdrawal of an earlier Section 7 petition without leave does not bar a fresh petition when a subsequent breach of settlement creates a new cause of action, and res judicata does not apply in that situation. The adjudicating authority's role is limited to verifying debt and default from the record, and where material supports both, admission of the petition follows. en-us Mon, 23 Mar 2026 08:49:39 +0530 Mon, 23 Mar 2026 08:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=97980 Under the IBC, a written loan agreement is not a sine qua non for proving financial debt; debt and default may be established from contemporaneous records such as bank statements, acknowledgements, promissory notes, TDS on interest and post-dated cheques, so rejection solely for absence of a written contract is unsustainable. Withdrawal of an earlier Section 7 petition without leave does not bar a fresh petition when a subsequent breach of settlement creates a new cause of action, and res judicata does not apply in that situation. The adjudicating authority's role is limited to verifying debt and default from the record, and where material supports both, admission of the petition follows. Highlights IBC Mon, 23 Mar 2026 08:49:39 +0530 https://www.taxtmi.com/highlights?id=97980