Financial debt and limitation under Section 7 were satisfied, making the insolvency application complete and admissible.

Financial debt and default were established through loan documents, liability acknowledgments, account statements and related material, while the corporate debtor produced no evidence to negate the debt and admitted liability on its own showing. The last payment was treated as giving rise to a fresh limitation period under Section 19 of the Limitation Act, and Article 62 was held inapplicable to a Section 7 Insolvency and Bankruptcy Code application, which was governed by the residuary limitation period. The Section 7(5)(a) requirements were therefore satisfied, and the application was found complete, within limitation, and fit for admission.

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Issues: Whether the financial creditor established financial debt and default so as to warrant admission of the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and whether the application was within limitation.

Analysis: The application was supported by loan documents, acknowledgments of liability, account statements and other material showing the existence of a financial debt and non-payment by the corporate debtor. The corporate debtor did not produce material to negate debt or default and, on its own showing, admitted the liability. On limitation, the last payment was treated as giving rise to a fresh period under Section 19 of the Limitation Act, and Article 62 was held inapplicable to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, which falls under the residuary limitation period. The requirements for admission under Section 7(5)(a) were thus satisfied.

Conclusion: The application under Section 7 was held to be complete, within limitation, and fit for admission, with default established against the corporate debtor.

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