Initiation of CIRP - Financial Debt or not - The present ...

Insolvency and Bankruptcy

September 1, 2022

Initiation of CIRP - Financial Debt or not - The present transaction was in pursuance of the sale agreement. There was no other agreement formed between the parties for amount claimed in default/amount transferred towards corpus fund, hence the given transaction of transfer of corpus funds into the loan account would not qualify as a financial debt as per the definition laid down in Section 5(8) - Applicant failed to qualify the threshold prescribed in the proviso laid down under section 7 (1). - Tri

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Initiation of CIRP - Financial Debt or not - The present ...

Insolvency and Bankruptcy

September 1, 2022

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