Even if amount is reflected in Financial Statements of Corporate Debtor under Liability head, it would depend on the facts of each case as to whether such an entry in the balance sheet construes a Financial Debt as defined under the Code – M/s IFCI Ltd. Vs. Sutanu Sinha RP of IVRCL Chengapalli Tollways Ltd. – NCLAT Chennai

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Applicability of Clause 12 of Schedule I of Liquidation Process Regulations, 2016 is attracted ‘on the close of Auction’ – Jain International Trade Organization Vs. Mr. Udupi Vasudev Ganesh Naik, Liquidator of M/s. P&S Jewellery Ltd. – NCLAT New Delhi

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