Admission of section 7 application - financial debt or not - The ...

Tribunal Upholds Loan Status, Initiates Insolvency Process Against Corporate Debtor u/s 7 Application.

April 4, 2024

Case Laws Insolvency and Bankruptcy AT

Admission of section 7 application - financial debt or not - The Tribunal affirmed that the disbursal of ₹5 crores to the corporate debtor by the financial creditor was indeed a loan. It pointed out that the financial creditor provided sufficient evidence, including bank transfer details and financial statements, to substantiate the claim. - The Tribunal dismissed the appeal, upholding the Adjudicating Authority's order to admit the Section 7 application and initiate CIRP against the corporate debtor. It affirmed that the financial creditor had successfully proven the existence of a financial debt and a default, warranting the initiation of CIRP.

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Admission of section 7 application - financial debt or not - The ...

Tribunal Upholds Loan Status, Initiates Insolvency Process Against Corporate Debtor u/s 7 Application.

April 4, 2024

Case Laws Insolvency and Bankruptcy AT

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