Section 7 insolvency admission follows proven default, complete application, and valid interim resolution professional consent.

Section 7 of the Insolvency and Bankruptcy Code was treated as maintainable where documentary evidence established the debt, default, and the account's non-performing asset status, and the proposed interim resolution professional had given valid consent in the prescribed form. The statutory conditions for admission under Section 7(5)(a) were found satisfied because the application was complete and no disciplinary proceeding was pending against the proposed interim resolution professional. Objections based on MSME status, interest subvention, and consortium arrangements did not negate the proven default or prevent initiation of the insolvency process, 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 liable to be admitted on proof of default, completeness of the application, and absence of any disciplinary proceeding against the proposed interim resolution professional.

Analysis: The application was supported by documentary material showing the debt, the date of default, the declaration of the account as non-performing asset, and the proposed interim resolution professional's consent in the prescribed form. The statutory requirements for admission under Section 7(5)(a) stood satisfied once default was established, the application was complete, and no disciplinary proceeding was pending against the proposed interim resolution professional. The objections relating to MSME status, interest subvention, and consortium arrangements did not displace the established default or prevent initiation of the insolvency process.

Conclusion: The application was admitted and Corporate Insolvency Resolution Process was initiated against the corporate debtor.

Final Conclusion: The proceeding culminated in commencement of insolvency resolution, appointment of an interim resolution professional, and declaration of moratorium under the Code.

Ratio Decidendi: Once default is established and the Section 7 application is complete with a valid proposed interim resolution professional and no pending disciplinary proceeding, admission follows as a statutory consequence.

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