https://www.taxtmi.com/caselaws?id=792178 A general board authorisation can support filing a Section 7 insolvency application, and a pre-IBC resolution is not invalid merely because the proceeding arises under the Code. A transaction documented with an unsecured loan component, interest, repayment terms, penal interest, and treatment in the borrower's balance sheet may constitute financial debt because it involves disbursal against the time value of money. Related-party status requires proof of statutory indicia such as control or voting dominance; mere personal or family links are insufficient. Section 65 is penal and can be invoked only on strict proof of fraudulent or malicious initiation by the actual initiating party. en-us Tue, 19 May 2026 00:00:00 +0530 Thu, 21 May 2026 16:09:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792178 A general board authorisation can support filing a Section 7 insolvency application, and a pre-IBC resolution is not invalid merely because the proceeding arises under the Code. A transaction documented with an unsecured loan component, interest, repayment terms, penal interest, and treatment in the borrower's balance sheet may constitute financial debt because it involves disbursal against the time value of money. Related-party status requires proof of statutory indicia such as control or voting dominance; mere personal or family links are insufficient. Section 65 is penal and can be invoked only on strict proof of fraudulent or malicious initiation by the actual initiating party. Case-Laws IBC Tue, 19 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792178