The Appellate Tribunal dismissed the appeal filed by the Petitioners seeking initiation of the Corporate...

The Appellate Tribunal dismissed the appeal filed by the Petitioners seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor/Respondent. The key findings were: There was no loan agreement specifying the tenure, interest rate, or payment frequency. The only evidence was the Petitioners' ledger accounts maintained by the Corporate Debtor. The Petitioners did not submit any agreement obligating the Corporate Debtor to pay interest on the alleged loan. For a debt to qualify as a "financial debt," the amount advanced must be in consideration of the time value of money, which was absent in this case. The Adjudicating Authority rightly concluded that the Petitioners did not qualify as financial credito..... .....

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