Complete Section 10 insolvency application and proven default require admission, triggering moratorium and statutory protection.

Under Section 10 of the Insolvency and Bankruptcy Code, a corporate debtor's self-initiated insolvency application must be admitted once default is shown and the filing is complete in the prescribed form with required disclosures. The Tribunal found the application contained the necessary particulars, financial statements, and proposed interim resolution professional, and held that alleged concealment unrelated to Section 10 and Form 6 requirements was not a valid ground for rejection. The application was therefore admitted, and moratorium under Section 14 followed with the statutory prohibitions and protection of essential supplies.

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Issues: Whether the corporate debtor's application under Section 10 of the Insolvency and Bankruptcy Code, 2016 was complete and liable to be admitted, and whether moratorium under Section 14 of the Code should follow.

Analysis: The application was filed in the prescribed form under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 with the required particulars, financial statements, and proposed interim resolution professional. The record showed existence of a corporate debtor, admitted default, and no disqualification under Section 11 was established. Allegations of concealment of facts unrelated to the requirements of Section 10 and Form 6 were held not to be a ground for rejection. The Tribunal relied on the statutory scheme of Section 10, the definitions of corporate debtor and default, and the mandatory consequence of admission once default and completeness are shown.

Conclusion: The application was held to be complete and was admitted. Moratorium under Section 14 of the Code was directed to operate with all consequential prohibitions and protection of essential supplies.

Final Conclusion: The corporate insolvency resolution process was set in motion against the corporate debtor and interim protection in the form of moratorium was granted.

Ratio Decidendi: Under Section 10 of the Insolvency and Bankruptcy Code, 2016, once default is shown and the application is complete, the Adjudicating Authority must admit the application and cannot reject it on grounds unrelated to the statutory disclosure requirements, and admission triggers moratorium under Section 14.

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