Financial debt requires time value of money; share-purchase consideration without a repayment obligation cannot support insolvency proceedings.

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....Share-purchase consideration paid under a tripartite memorandum, without an obligation to repay or a return for its use, does not satisfy the requirement of disbursement against consideration for time value of money and therefore is not financial debt under the Insolvency and Bankruptcy Code. A claimed oral conversion into an interest-bearing loan requires proof and cannot be established in summary proceedings. Balance-sheet entries, balance confirmations, interest credits and tax deduction at source do not alter the payment's original character or independently prove such an agreement, especially where interest was not paid. Clerical misdescriptions causing no prejudice do not justify interference. Civil remedies remain open.....