Section 7 admission turns on financial debt and default,...

Section 7 admission turns on financial debt and default, determined summarily on a prima facie, preponderance-of-probabilities basis; exact claim quantification is reserved for CIRP verification. An authenticated Information Utility record has high evidentiary value, and unanswered authentication cannot later be met by bare denial; other contemporaneous documents may collectively prove default. Profitability or positive EBITDA does not displace default as the Code's trigger once statutory conditions are satisfied. A concluded determination validating an assignment may bar renewed challenge through issue estoppel, leaving the assignee able to apply as financial creditor. Section 62 appeals are confined to questions of law and cannot reweigh concurrent factual findings absent perversity, lack of evidence, ignored material evidence, or an erroneous legal standard.