https://www.taxtmi.com/caselaws?id=349138 An application under section 10 of the Insolvency and Bankruptcy Code should not be admitted mechanically on filing alone; the Adjudicating Authority must examine the existence of default, the completeness and bona fides of disclosure, and whether the process is being used abusively. Where the debt and securities are seriously disputed and SARFAESI recovery measures have already advanced, a filing that appears aimed at delaying enforcement rather than seeking genuine insolvency resolution is not fit for admission. On the facts noted, the petition was treated as a misuse of the insolvency framework and was dismissed with costs. en-us Mon, 14 Aug 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349138 An application under section 10 of the Insolvency and Bankruptcy Code should not be admitted mechanically on filing alone; the Adjudicating Authority must examine the existence of default, the completeness and bona fides of disclosure, and whether the process is being used abusively. Where the debt and securities are seriously disputed and SARFAESI recovery measures have already advanced, a filing that appears aimed at delaying enforcement rather than seeking genuine insolvency resolution is not fit for admission. On the facts noted, the petition was treated as a misuse of the insolvency framework and was dismissed with costs. Case-Laws Insolvency and Bankruptcy Mon, 14 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349138