Maintainability of application u/s 7 of IBC examined. Existence ...

Debt & default established through substantive evidence. Loan purpose irrelevant. Stamping issue inconsequential. AA's dismissal erroneous. Appeal allowed.

Case Laws Insolvency and Bankruptcy

July 5, 2024

Maintainability of application u/s 7 of IBC examined. Existence of debt and default established through Loan Agreement, Promissory Note, Audit Report, and Record of Default from Information Utility. Corporate Debtor's contention of loan being for general corporate purposes rejected. Stamping issue does not negate substantive evidence of debt and default. Adjudicating Authority's dismissal of application erroneous. Appeal allowed, impugned order set aside.

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Maintainability of application u/s 7 of IBC examined. Existence ...

Debt & default established through substantive evidence. Loan purpose irrelevant. Stamping issue inconsequential. AA's dismissal erroneous. Appeal allowed.

Case Laws Insolvency and Bankruptcy

July 5, 2024

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