https://www.taxtmi.com/caselaws?id=354617 A section 7 IBC application was held maintainable when filed by a bank officer duly authorised under the bank's governing provisions; the absence of an earlier notification expressly referring to insolvency proceedings did not negate general authority to sign and complete pleadings. The petition was also found not premature, because the RBI timeline still permitted resolution within the stipulated period and the Joint Lender Forum proposal had already been rejected, so parallel restructuring discussions did not bar recourse to the Code. An apprehended conflict concerning the proposed Interim Resolution Professional was cured by substitution, and the new professional's independence and eligibility were verified. The application was admitted and CIRP commenced. en-us Mon, 08 Jan 2018 00:00:00 +0530 Wed, 31 Jan 2018 12:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354617 A section 7 IBC application was held maintainable when filed by a bank officer duly authorised under the bank's governing provisions; the absence of an earlier notification expressly referring to insolvency proceedings did not negate general authority to sign and complete pleadings. The petition was also found not premature, because the RBI timeline still permitted resolution within the stipulated period and the Joint Lender Forum proposal had already been rejected, so parallel restructuring discussions did not bar recourse to the Code. An apprehended conflict concerning the proposed Interim Resolution Professional was cured by substitution, and the new professional's independence and eligibility were verified. The application was admitted and CIRP commenced. Case-Laws Insolvency and Bankruptcy Mon, 08 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354617