Existence of financial debt established through acknowledgment ...

Debt proven through part payments acknowledgment and future installment promise; 10A bar not applicable.

Case Laws IBC

September 30, 2024

Existence of financial debt established through acknowledgment of part payments and promise to pay next installment. Section 10A bar not applicable as default occurred on 05.07.2021. Record of default sufficiently proved through loan documents and Corporate Debtor's admission, satisfying Section 7(3)(a) requirements. Stamping issue inconsequential given established debt and default above threshold. Authorized signatory confirmed through Board Resolution. Debt and default proven, exceeding Rs. 1 crore threshold. Petition admitted, Insolvency Resolution Professional appointed with directions to Financial Creditor regarding remuneration and expenses.

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Existence of financial debt established through acknowledgment ...

Debt proven through part payments acknowledgment and future installment promise; 10A bar not applicable.

Case Laws IBC

September 30, 2024

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