Section 7 insolvency admission follows undisputed debt and default, with statutory requirements met for CIRP and moratorium.

An application under Section 7 of the Insolvency and Bankruptcy Code was found maintainable where debt and default were not disputed, the filing complied with the governing requirements, and the proposed insolvency professional had given consent and was provisionally eligible for appointment as Interim Resolution Professional. As the statutory conditions for admission were satisfied, commencement of the corporate insolvency process and declaration of moratorium followed.

---

---

Issues: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was liable to be admitted for initiation of Corporate Insolvency Resolution Process and consequential moratorium.

Analysis: The debt and default were not disputed. The application was found to be in accordance with the governing provisions, and the proposed insolvency professional had furnished consent and was found provisionally eligible for appointment as Interim Resolution Professional. On these facts, the statutory requirements for admission were satisfied, warranting commencement of the corporate insolvency process and declaration of moratorium.

Conclusion: The application was admitted and Corporate Insolvency Resolution Process was directed to be initiated.

---