Section 7 insolvency admission turns on proved debt, default, completeness, limitation, and eligible resolution professional.

A section 7 insolvency application is admissible when financial debt and default are supported by loan documents, acknowledgement of liability and recall action, the Form 1 application is complete, the claim is within limitation because of the debt acknowledgement, and no disciplinary proceedings are pending against the proposed interim resolution professional. On those stated requirements, the corporate insolvency resolution process may commence against the corporate debtor.

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Issues: Whether the section 7 application was complete, default was established, and the petition was within limitation so as to admit the corporate insolvency resolution process.

Analysis: The application was supported by loan documents, acknowledgement of liability, and the recall action taken by the financial creditor. The default amount exceeded the threshold, the application in Form No. 1 was found complete, and the debt acknowledgement brought the claim within limitation. No disciplinary proceedings were pending against the proposed interim resolution professional, satisfying the statutory requirements for admission.

Conclusion: The section 7 application was admissible and the corporate insolvency resolution process was ordered to commence against the corporate debtor.

Ratio Decidendi: A section 7 application must be admitted where the adjudicating authority is satisfied that a financial debt and default are established, the application is complete, the claim is within limitation, and no disqualification exists in relation to the proposed resolution professional.

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