https://www.taxtmi.com/caselaws?id=801368 Payment made as consideration under a share-purchase arrangement requires independent proof that it was disbursed against consideration for the time value of money before qualifying as financial debt under the Insolvency and Bankruptcy Code. Accounting classification as an unsecured loan, balance confirmations, interest entries, or tax-deduction entries may acknowledge an amount but do not alter the payment's original character. An unproven oral conversion into an interest-bearing loan cannot establish the required debt in summary insolvency proceedings. Clerical recording errors do not affect merits absent prejudice. Any available recovery must be pursued before the appropriate forum rather than through corporate insolvency. en-us Fri, 16 Oct 2026 00:00:00 +0530 Wed, 21 Oct 2026 08:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=801368 Payment made as consideration under a share-purchase arrangement requires independent proof that it was disbursed against consideration for the time value of money before qualifying as financial debt under the Insolvency and Bankruptcy Code. Accounting classification as an unsecured loan, balance confirmations, interest entries, or tax-deduction entries may acknowledge an amount but do not alter the payment's original character. An unproven oral conversion into an interest-bearing loan cannot establish the required debt in summary insolvency proceedings. Clerical recording errors do not affect merits absent prejudice. Any available recovery must be pursued before the appropriate forum rather than through corporate insolvency. Case-Laws IBC Fri, 16 Oct 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=801368