https://www.taxtmi.com/caselaws?id=350285 A section 7 application under the Insolvency and Bankruptcy Code was found maintainable where the bank had internal approval and specific authorisation for the officer who filed it. Loan records, certified account statements, balance confirmation and NPA classification were treated as sufficient to show financial debt and default, and the pendency of SARFAESI and recovery proceedings did not bar insolvency recourse because of the Code's overriding effect. Defects in the proposed interim resolution professional's papers were cured, consent was filed, and no disciplinary proceeding was pending. The petition was admitted, CIRP commenced, and moratorium was declared. en-us Mon, 25 Sep 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350285 A section 7 application under the Insolvency and Bankruptcy Code was found maintainable where the bank had internal approval and specific authorisation for the officer who filed it. Loan records, certified account statements, balance confirmation and NPA classification were treated as sufficient to show financial debt and default, and the pendency of SARFAESI and recovery proceedings did not bar insolvency recourse because of the Code's overriding effect. Defects in the proposed interim resolution professional's papers were cured, consent was filed, and no disciplinary proceeding was pending. The petition was admitted, CIRP commenced, and moratorium was declared. Case-Laws Insolvency and Bankruptcy Mon, 25 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350285