Financial debt and default established under insolvency law; petition admitted, moratorium ordered, and resolution process initiated.

Financial debt and default under the Insolvency and Bankruptcy Code were established through loan and security documents, NPA classification, demand and possession notices, the amount admitted in correspondence, and the corporate debtor's lack of opposition. The application was found complete, and no disciplinary proceedings were pending against the proposed interim resolution professional. On that basis, the petition under section 7 was admitted, the corporate insolvency resolution process was initiated, moratorium under section 14 was ordered, and the proposed interim resolution professional was appointed.

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Issues: Whether the petition under section 7 of the Insolvency and Bankruptcy Code, 2016 was maintainable and liable to be admitted on proof of financial debt, default, and completion of the statutory requirements.

Analysis: The existence of financial debt and default was found from the loan and security documents, the account classification as NPA, the demand and possession notices, the outstanding amount admitted in correspondence, and the absence of opposition from the corporate debtor. The application was found to be complete, and no disciplinary proceedings were pending against the proposed interim resolution professional. The statutory position that insolvency proceedings are triggered once financial debt and default are established was applied.

Conclusion: The petition was admitted, the corporate insolvency resolution process was initiated, moratorium under section 14 was ordered, and the proposed interim resolution professional was appointed.

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