IBC Section 7 admission for proven default, with moratorium, interim resolution professional appointment, and creditor process directions.

A Section 7 application under the Insolvency and Bankruptcy Code was found complete and maintainable because the record showed default, including recovery proceedings and recovery certificates, and the filing complied with the prescribed form and required particulars. The proposed interim resolution professional had furnished the necessary written communication, and no defect was shown. As the statutory requirements for admission were satisfied and no objection was raised by the corporate debtor, the petition was admitted, moratorium was declared, the interim resolution professional was appointed, the board's powers were suspended, and directions were issued for public announcement, cooperation, and constitution of the committee of creditors.

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Issues: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was complete and maintainable, and whether the corporate insolvency resolution process should be admitted with consequential moratorium and appointment of an interim resolution professional.

Analysis: The petition was supported by records evidencing default, including prior recovery proceedings and recovery certificates. The application was filed in the prescribed form, and the required particulars under the Code and the Rules were found to be in order. The proposed interim resolution professional had furnished the requisite written communication and no defect was shown in that regard. In the absence of any objection from the corporate debtor and on satisfaction of the statutory requirements for admission, the Bench proceeded to admit the petition and to declare moratorium under the Code. It also issued directions for appointment of the interim resolution professional, suspension of the board's powers, public announcement, cooperation by the corporate debtor, and constitution of the committee of creditors.

Conclusion: The Section 7 application was admitted, moratorium was declared, and the interim resolution professional was appointed.

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