Section 7 insolvency admission granted after debt, default and limitation were established from records and notices served.

The Section 7 application under the Insolvency and Bankruptcy Code was found complete on the basis of loan documents, account records, acknowledgment of liability and credit information establishing debt and default. The debt was above the statutory threshold, the default date was within limitation, and service was effected through the registry and newspaper publication after the corporate debtor failed to appear. On that material, the corporate insolvency resolution process was admitted, moratorium commenced, and an interim resolution professional was appointed.

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Issues: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was complete, the debt and default were established, and the corporate insolvency resolution process was liable to be admitted.

Analysis: The application was supported by loan documents, account records, acknowledgment of liability, and credit information showing default. The debt exceeded the statutory threshold, the default date was within limitation, and notice had been served through the registry and by newspaper publication after the corporate debtor failed to appear. On the material placed, the application was found complete for admission and for initiation of the corporate insolvency resolution process.

Conclusion: The application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was admitted, and insolvency proceedings were directed to commence with moratorium and appointment of an interim resolution professional.

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