Corporate debtor insolvency admission turns on prima facie default, no disqualification, and triggers moratorium with CIRP commencement.

A corporate debtor's Section 10 application under the Insolvency and Bankruptcy Code is admitted where prima facie default is shown through financial records, loan documents, guarantees, creditor claims, and an admission of inability to pay, and no statutory disqualification bars the proceeding. On the material before the Tribunal, the debtor's financial distress and default were established, the proposed Interim Resolution Professional had consented and disclosed no pending disciplinary action, and the admission requirements were met. Admission triggered the commencement of the Corporate Insolvency Resolution Process, appointment of the Interim Resolution Professional, and the statutory moratorium.

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Issues: Whether the application filed by the corporate debtor under Section 10 of the Insolvency and Bankruptcy Code, 2016 was liable to be admitted on proof of default and whether an Interim Resolution Professional and moratorium were required to be appointed on admission.

Analysis: The corporate debtor placed financial statements, loan documents, guarantees, and a large compilation of creditor claims to show outstanding financial and operational debts and admitted inability to pay. The material on record showed occurrence of default and a precarious financial condition. The application was not hit by the disqualification relied upon, and the proposed Interim Resolution Professional had given consent and disclosed that no disciplinary proceedings were pending. On that basis, the application satisfied the requirements for admission under the insolvency framework.

Conclusion: The application was admitted, the proposed Interim Resolution Professional was confirmed, and moratorium and commencement of the Corporate Insolvency Resolution Process followed.

Final Conclusion: The corporate insolvency resolution process was set in motion against the corporate debtor, with the statutory consequences of admission, moratorium, and appointment of the Interim Resolution Professional.

Ratio Decidendi: A corporate debtor's application under Section 10 is to be admitted where default is prima facie established and no statutory disqualification bars the proceeding, upon which moratorium and CIRP consequences follow.

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