It is not necessary that a Financial Debt can be provided only by a written agreement – Mobile Constructions Pvt. Ltd. Vs. Apple Land Development Pvt. Ltd. – NCLAT New Delhi

It is not necessary that a financial debt can be provided only by a written agreement. This has been clearly settled in Agarwal Polysacks Ltd. v. K.K. Agro Foods and Storage Ltd. (2023) ibclaw.in 584 NCLAT, wherein this Tribunal held that if the transaction can be proved from other materials on record, requirement of written financial contract is not a pre-condition for proving debt.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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