Held that the requirement of a financial contract under Rule 3(1)(d) of the Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rules, 2016 (Adjudicating Authority Rules) is essential for satisfying the adjudicating authority on when the debt and interest become due and payable. The NCLAT, New Delhi held that in the absence of a written agreement, the applicant, which was a non-banking financial company (NBFC), had failed to establish that the transaction in question was a loan transaction.

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