https://www.taxtmi.com/caselaws?id=354455 A section 7 IBC application was found maintainable where the bank's general power of attorney, together with a later circular resolution, authorised designated officers to institute proceedings and sign the petition. The objection based on filing through an authorised representative was rejected. On default, the record of disbursal, non-performing asset classification, recall notices, acknowledgements of debt, and credit-report material showed non-payment of financial debt when due and payable. Claimed restructuring did not erase default, because the account continued to be assessed against the pre-restructuring repayment schedule. The application was admitted, triggering corporate insolvency resolution process and moratorium directions. en-us Tue, 19 Dec 2017 00:00:00 +0530 Mon, 29 Jan 2018 08:18:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354455 A section 7 IBC application was found maintainable where the bank's general power of attorney, together with a later circular resolution, authorised designated officers to institute proceedings and sign the petition. The objection based on filing through an authorised representative was rejected. On default, the record of disbursal, non-performing asset classification, recall notices, acknowledgements of debt, and credit-report material showed non-payment of financial debt when due and payable. Claimed restructuring did not erase default, because the account continued to be assessed against the pre-restructuring repayment schedule. The application was admitted, triggering corporate insolvency resolution process and moratorium directions. Case-Laws Insolvency and Bankruptcy Tue, 19 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354455