Section 10 insolvency applications are admitted on complete records and proven default, triggering CIRP and moratorium.

A complete corporate debtor application under Section 10 of the Insolvency and Bankruptcy Code was supported by the prescribed records, financial statements and creditor details, and the record established debt and default to secured financial creditors. On that basis, the Tribunal admitted the petition, commenced the corporate insolvency resolution process and applied the statutory consequences under the Code, including moratorium, appointment of an interim resolution professional, public announcement, management cooperation and constitution of the committee of creditors. The decision reflects that once the Section 10 application is complete and default is shown, admission and initiation of CIRP follow under the statutory scheme.

---

---

Issues: Whether the corporate debtor's application under Section 10 of the Insolvency and Bankruptcy Code, 2016 satisfied the statutory requirements for admission, and whether the corporate insolvency resolution process should be initiated with consequential moratorium and appointment of an interim resolution professional.

Analysis: The application was filed in the prescribed form by the corporate debtor along with the supporting records required under the Code and the Rules. The Tribunal found that the debtor had committed default to secured financial creditors and that the disclosure materials, financial statements, and creditor details established the existence of debt and default. The proposed resolution professional was found acceptable, and the Tribunal relied on the statutory scheme under Sections 10, 13, 14, 16, 17 and 18 of the Code to admit the petition and trigger the insolvency process. The moratorium was ordered in terms of Section 14, and directions were issued for appointment of the interim resolution professional, public announcement, cooperation by management, and constitution of the committee of creditors.

Conclusion: The application was admitted and the corporate insolvency resolution process was initiated in favour of the corporate debtor, along with appointment of the interim resolution professional and imposition of moratorium.

Ratio Decidendi: Where a corporate debtor files a complete application under Section 10 and the record discloses default, the adjudicating authority is bound to admit the application and commence the corporate insolvency resolution process, with the statutory consequences under the Code following upon admission.

---