https://www.taxtmi.com/caselaws?id=359330 Once default was established and the section 7 application was otherwise complete, the Adjudicating Authority applied the statutory admission test under the Insolvency and Bankruptcy Code and held that pending resolution efforts, consortium discussions, and RBI-related objections did not defeat maintainability. The admitted materials showed no effective dispute on debt or default, and no disciplinary proceeding was pending against the proposed resolution professional. On that basis, the application satisfied section 7(5)(a), Corporate Insolvency Resolution Process was directed to commence against the corporate debtor, an Interim Resolution Professional was appointed, and moratorium was declared. en-us Tue, 27 Feb 2018 00:00:00 +0530 Fri, 27 Apr 2018 08:41:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359330 Once default was established and the section 7 application was otherwise complete, the Adjudicating Authority applied the statutory admission test under the Insolvency and Bankruptcy Code and held that pending resolution efforts, consortium discussions, and RBI-related objections did not defeat maintainability. The admitted materials showed no effective dispute on debt or default, and no disciplinary proceeding was pending against the proposed resolution professional. On that basis, the application satisfied section 7(5)(a), Corporate Insolvency Resolution Process was directed to commence against the corporate debtor, an Interim Resolution Professional was appointed, and moratorium was declared. Case-Laws Insolvency and Bankruptcy Tue, 27 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359330