https://www.taxtmi.com/caselaws?id=798177 Financial debt under the Insolvency and Bankruptcy Code requires reliable material showing an independent, legally enforceable liability of the corporate debtor. Where payment was made to another entity, no banking trail linked funds to the corporate debtor, and ledger and balance-sheet entries reflected reversible internal adjustments among commonly managed entities, the claim does not establish such debt. A memorandum contemplating further payment and a definitive agreement does not by itself create a concluded commercial arrangement. The resolution professional must verify and update claims, and may revisit provisional admission during verification without adjudicating disputed rights. Rejection of the claim is justified where no independent financial debt is proved. en-us Tue, 01 Sep 2026 00:00:00 +0530 Thu, 03 Sep 2026 08:20:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798177 Financial debt under the Insolvency and Bankruptcy Code requires reliable material showing an independent, legally enforceable liability of the corporate debtor. Where payment was made to another entity, no banking trail linked funds to the corporate debtor, and ledger and balance-sheet entries reflected reversible internal adjustments among commonly managed entities, the claim does not establish such debt. A memorandum contemplating further payment and a definitive agreement does not by itself create a concluded commercial arrangement. The resolution professional must verify and update claims, and may revisit provisional admission during verification without adjudicating disputed rights. Rejection of the claim is justified where no independent financial debt is proved. Case-Laws IBC Tue, 01 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798177