https://www.taxtmi.com/caselaws?id=351394 A financial creditor in a consortium may file a Section 7 application individually, because the IBC and the CIRP Rules permit filing either by a single financial creditor or jointly. At the admission stage, the key requirements are proof of default, a complete application, and confirmation that the proposed interim resolution professional is not facing disciplinary proceedings. On the stated record, repeated non-payment, account classification as NPA, recall of facilities, and supporting account records established default, while objections based on restructuring, SICA, and SARFAESI proceedings were treated as irrelevant to admission because of Section 238's overriding effect. The insolvency application was admitted and CIRP was commenced. en-us Thu, 02 Nov 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=351394 A financial creditor in a consortium may file a Section 7 application individually, because the IBC and the CIRP Rules permit filing either by a single financial creditor or jointly. At the admission stage, the key requirements are proof of default, a complete application, and confirmation that the proposed interim resolution professional is not facing disciplinary proceedings. On the stated record, repeated non-payment, account classification as NPA, recall of facilities, and supporting account records established default, while objections based on restructuring, SICA, and SARFAESI proceedings were treated as irrelevant to admission because of Section 238's overriding effect. The insolvency application was admitted and CIRP was commenced. Case-Laws Insolvency and Bankruptcy Thu, 02 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=351394