Section 7 default proof and application completeness justify admission without determining exact debt quantum.

A duly supported Section 7 application under the Insolvency and Bankruptcy Code is maintainable where the financial creditor shows default through facility documents, sanction letters, restructuring records and bank evidence. A single consortium lender may apply independently, and the adjudicating authority is not required to determine the exact quantum of debt at the admission stage if default and other completeness requirements are established. On that basis, the application was admitted, Corporate Insolvency Resolution Process was directed to commence, an Interim Resolution Professional was appointed, and moratorium was ordered.

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Issues: Whether the financial creditor established default and complied with the requirements for admission of an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

Analysis: The application was supported by facility documents, sanction letters, restructuring documents, and bank records evidencing disbursement and default. The objection that a single consortium lender could not maintain the application was rejected because Section 7 permits a financial creditor to apply independently. The tribunal also held that it was not required to determine the exact quantum of debt at the admission stage, as the existence of default was the material requirement for admission.

Conclusion: The requirements for admission were satisfied and the application was admitted.

Final Conclusion: Corporate Insolvency Resolution Process was directed to commence, an Interim Resolution Professional was appointed, and moratorium was ordered.

Ratio Decidendi: Once default by the corporate debtor is established in a duly supported Section 7 application, the adjudicating authority must admit the petition if it is otherwise complete, and it need not adjudicate the precise quantum of the claimed debt at that stage.

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