Section 7 insolvency admission follows proof of financial debt, default, complete records and no disciplinary bar.

Section 7 admission under the Insolvency and Bankruptcy Code turns on proof of financial debt, default, and a complete application. The text records that the corporate debtor accepted the loan and did not dispute liability or the debt's character, while the creditor supported the claim with loan records, bank statements, balance confirmation and other documents. It also notes that the claim was not shown to be time-barred and no disciplinary action was pending against the proposed interim resolution professional. On that basis, the application was admitted, moratorium followed, and the named professional was appointed as interim resolution professional.

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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 financial debt and default, and whether consequential directions for moratorium and appointment of an interim resolution professional should follow.

Analysis: The corporate debtor admitted availing the loan and did not dispute liability or the nature of the debt. The financial creditor produced the loan documents, receipt, balance confirmation, bank statement and related records showing an outstanding amount of Rs. 25,99,296.85. The application was found complete, there was no indication that the claim was barred by limitation, and no disciplinary proceedings were pending against the proposed resolution professional. On that basis, the requirements for admission under section 7 were satisfied.

Conclusion: The section 7 application was admitted, moratorium was under the Code, and the named professional was appointed as interim resolution professional.

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