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        Case ID :
        Insolvency and Bankruptcy

        The Appellant (SIDBI) had established a clear case of continuous...

        Appellant proved continuous loan defaults by Respondent post IBC suspension. Debt admitted. Default date justified insolvency plea u/s 7. Appeal allowed.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                The Appellant (SIDBI) had established a clear case of continuous defaults by the Respondent (Sambandh Finserve Private Limited) in loan repayment post the suspension period u/s 10A of the IBC. The Respondent admitted the debt and default, and the consistent default date of 10.07.2021 in the fresh application substantiated the Appellant's claim. Each failure to pay an installment constituted a fresh default, justifying initiation of insolvency proceedings u/s 7 of the IBC. The Appeal was allowed, admitting the application for Corporate Insolvency Resolution Process against the Respondent.
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