The appeal questions the propriety of the Impugned Order dated 2024-09-26, rendered in CP(IB)/164/BB/2022. The Adjudicating Authority admitted the application preferred under Section 7 of the I&B Code. The appellant argues that the parameters under Section 5(8) of the I&B Code for determining 'financial debt' are not satisfied, and the amount due cannot be considered a financial debt solely based on its reflection in the balance sheet. The appellant further argues that the interest component does not fall within the definition of debt or financial debt as defined under the I&B Code.
The appellant, Srisailan Krishnamurthy, is contesting an Impugned Order dated 2024-09-26, which was rendered in CP(IB)/164/BB/2022. The Adjudicating Authority had admitted an application under Section 7 of the I&B Code. The appellant argues that the parameters for determining 'financial debt' under Section 5(8) of the I&B Code are not satisfied, and the amount due should not be considered a financial debt solely because it is reflected in the balance sheet. The appellant also argues that the interest component does not fall within the definition of debt or financial debt under the I&B Code. The respondent relies on email communications, but the appellant argues these should not be construed as an admission of debt without supporting evidence, even if the
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The appeal questions the propriety of the Impugned Order dated 2024-09-26, rendered in CP(IB)/164/BB/2022. The Adjudicating Authority admitted the application preferred under Section 7 of the I&B Code. The appellant argues that the parameters under Section 5(8) of the I&B Code for determining 'financial debt' are not satisfied, and the amount due cannot be considered a financial debt solely based on its reflection in the balance sheet. The appellant further argues that the interest component does not fall within the definition of debt or financial debt as defined under the I&B Code.
The appellant, Srisailan Krishnamurthy, is contesting an Impugned Order dated 2024-09-26, which was rendered in CP(IB)/164/BB/2022. The Adjudicating Authority had admitted an application under Section 7 of the I&B Code. The appellant argues that the parameters for determining 'financial debt' under Section 5(8) of the I&B Code are not satisfied, and the amount due should not be considered a financial debt solely because it is reflected in the balance sheet. The appellant also argues that the interest component does not fall within the definition of debt or financial debt under the I&B Code. The respondent relies on email communications, but the appellant argues these should not be construed as an admission of debt without supporting evidence, even if the
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