https://www.taxtmi.com/caselaws?id=347633 Pendency of SARFAESI and Debt Recovery Tribunal proceedings did not bar admission of a corporate debtor's section 10 application under the Insolvency and Bankruptcy Code, because the Code operates with overriding effect and parallel recovery actions cannot defeat insolvency initiation. The application was found complete and bona fide, with disclosure of defaults, creditors, required documents, and a proposed interim resolution professional; accordingly, the statutory conditions for admission were satisfied. The application was admitted, corporate insolvency resolution process commenced, an interim resolution professional was appointed, and moratorium followed. en-us Fri, 28 Jul 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347633 Pendency of SARFAESI and Debt Recovery Tribunal proceedings did not bar admission of a corporate debtor's section 10 application under the Insolvency and Bankruptcy Code, because the Code operates with overriding effect and parallel recovery actions cannot defeat insolvency initiation. The application was found complete and bona fide, with disclosure of defaults, creditors, required documents, and a proposed interim resolution professional; accordingly, the statutory conditions for admission were satisfied. The application was admitted, corporate insolvency resolution process commenced, an interim resolution professional was appointed, and moratorium followed. Case-Laws Insolvency and Bankruptcy Fri, 28 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347633