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Issues: (i) whether the petition was filed through a competent person; (ii) whether the petitioner could be treated as a financial creditor on the basis of the assignment deed; (iii) whether the application disclosed a complete case of default and complied with the requirements for admission under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Issue (i): whether the petition was filed through a competent person.
Analysis: The authorisation resolution empowered an official of the petitioner to initiate proceedings under the Code and file applications before the Tribunal. The petition was filed and supported by affidavit by the petitioner's authorised representative, and the difference in the spelling or form of the name was treated as a technical objection without substance.
Conclusion: The issue was decided in favour of the petitioner.
Issue (ii): whether the petitioner could be treated as a financial creditor on the basis of the assignment deed.
Analysis: A financial debt includes a debt legally assigned or transferred. The objections based on insufficiency of stamp duty and want of registration were rejected because the order impounding the assignment document had been stayed and the assignment of debt was treated as transfer of the bank's asset, not as a transfer of immovable property requiring registration at the place where the mortgaged assets were situated. The Tribunal held that the assignment deed could be relied upon for invoking Section 7 of the Code.
Conclusion: The issue was decided in favour of the petitioner.
Issue (iii): whether the application disclosed a complete case of default and complied with the requirements for admission under Section 7 of the Insolvency and Bankruptcy Code, 2016.
Analysis: The record included loan documents, acknowledgements of debt, statements of account certified under the Bankers Books Evidence Act, and other evidence showing non-payment. The Tribunal held that the exact quantum of debt was not required to be finally determined at the admission stage and that mismatch in figures did not by itself defeat the petition when default was otherwise shown. The proposed interim resolution professional was also found to be in order.
Conclusion: The issue was decided in favour of the petitioner.
Final Conclusion: The petition was admitted, corporate insolvency resolution process was initiated, moratorium was ordered, and the interim resolution professional was appointed.
Ratio Decidendi: For admission under Section 7 of the Code, the adjudicating authority must be satisfied of the existence of default on the basis of reliable material; an assignee of financial debt is a financial creditor, and objections as to the exact quantum of debt or collateral disputes over the assignment instrument do not defeat admission where default is otherwise established.
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