Section 7 insolvency admission turns on undisputed default and compliant creditor ords supporting corporate insolvency commencement.

A Section 7 Insolvency and Bankruptcy Code application was found maintainable where the financial creditor supported default with loan documents, sanction letters, mortgage records, balance confirmations, CIBIL data and bank statements, all backed by the required Banker's Book Evidence Act certificates. The corporate debtor did not dispute execution of the loan documents, creation of security or repayment default. The application was also filed in the prescribed form and the proposed interim resolution professional's written consent was in order, so the statutory requirements for admission were satisfied and the corporate insolvency resolution process was commenced.

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Issues: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was maintainable and whether default was established so as to admit the corporate insolvency resolution process and appoint an interim resolution professional.

Analysis: The financial creditor produced the loan documents, sanction letters, mortgage records, balance confirmation letters, CIBIL record and bank account statements supported by the requisite certificates under the Banker's Book Evidence Act, 1891. The corporate debtor did not dispute the execution of the loan documents, the security creation or the default in repayment. The application was filed in the prescribed form under Rule 4(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and the proposed resolution professional's written communication was found to be in order. On that basis, the statutory requirements under Section 7 were satisfied.

Conclusion: The petition was admitted, the moratorium under Section 14 was , and the proposed Interim Resolution Professional was appointed to conduct the corporate insolvency resolution process.

Ratio Decidendi: Where a financial creditor establishes default through undisputed loan records and supporting evidence, and the Section 7 application otherwise meets the statutory requirements, the adjudicating authority must admit the petition and commence the corporate insolvency resolution process.

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