IBC Section 7 admission follows proof of debt, default, and a complete application; moratorium and IRP appointment follow.

A Section 7 Insolvency and Bankruptcy Code application was found complete where loan and security documents, account statements, demand notices, and a Banker's Books Evidence Act certificate supported the existence of debt and default. The corporate debtor also acknowledged liability and default at the hearing. The proposed interim resolution professional was held eligible, with no disciplinary proceedings pending against him. On that basis, the application was admitted, the moratorium took effect, and the named interim resolution professional was appointed to conduct the corporate insolvency resolution process.

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Issues: Whether the financial creditor had established default and a complete application under Section 7 of the Insolvency and Bankruptcy Code, 2016 so as to justify admission of the corporate insolvency resolution process application and consequent moratorium and appointment of an interim resolution professional.

Analysis: The petition was supported by loan and security documents, account statements, demand notices and a certificate under the Banker's Books Evidence Act, which showed the outstanding debt and default. The corporate debtor also ed liability and default during the hearing. The proposed interim resolution professional was found eligible and there were no disciplinary proceedings pending against him. On that basis, the application was treated as complete and the statutory consequences under the Code were directed to follow.

Conclusion: The application under Section 7 was admitted in favour of the petitioner, the moratorium came into effect, and the named interim resolution professional was appointed.

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