NCLAT remands case to NCLT to determine if ₹6.86 crore director advance constitutes financial debt under IBC.
Appellant claims interest-free loan of ₹6.86 crore was acknowledged in corporate debtor's balance sheets as long-term borrowing.
Respondent argues funds were working capital infusions by promoters in proportion to their shareholding, not loans.
Tribunal finds Adjudicating Authority erred by not examining respondent's reply and detailed evidence on debt nature.