Section 7 insolvency admission follows proof of financial debt, default, completeness, and timely filing.

A section 7 Insolvency and Bankruptcy Code application was found complete and within limitation because the record established a financial debt, loan disbursal, and default by the corporate debtor. Supporting loan documents, account statements, and a certificate under the Banker's Books of Evidence Act, 1891 were accepted as sufficient proof of the debt and overdue account, with the date of default identified as 31/05/2016. On that basis, the application satisfied the requirements for initiation of the corporate insolvency resolution process and was admitted against the corporate debtor.

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Issues: Whether the application under section 7 of the Insolvency and Bankruptcy Code, 2016 was complete, within limitation, and disclosed the existence of financial debt and default so as to warrant admission and commencement of the corporate insolvency resolution process.

Analysis: The application was supported by loan documents, account statements and a certificate under the Banker's Books of Evidence Act, 1891. The record showed that the corporate debtor had availed the loan, had failed to repay, and the account had become overdue with the date of default being 31/05/2016. The filing was found to be within limitation, and the application satisfied the requirements for initiation of corporate insolvency resolution process under section 7 of the Code.

Conclusion: The application under section 7 was held to be complete and maintainable, and the corporate insolvency resolution process was admitted against the corporate debtor.

Ratio Decidendi: Where the adjudicating authority is satisfied from the records that a financial debt exists, default has occurred, and the section 7 application is otherwise complete and within limitation, admission of the insolvency petition follows.

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