https://www.taxtmi.com/caselaws?id=272398 A financial creditor was properly authorised to file the section 7 application where the bank's authorisation letter, power of attorney and vakalatnama empowered the officer to initiate and conduct insolvency proceedings. A prior notice issued under the SARFAESI Act did not bar initiation of corporate insolvency resolution process, because earlier recovery action under another statute did not defeat the Insolvency and Bankruptcy Code, which has overriding effect. Default was proved through bank statements and supporting records, and the corporate debtor's account had been classified as a non-performing asset. The application was admitted, moratorium was declared, and the proposed interim resolution professional was appointed. en-us Wed, 23 Aug 2017 00:00:00 +0530 Wed, 02 May 2018 06:19:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272398 A financial creditor was properly authorised to file the section 7 application where the bank's authorisation letter, power of attorney and vakalatnama empowered the officer to initiate and conduct insolvency proceedings. A prior notice issued under the SARFAESI Act did not bar initiation of corporate insolvency resolution process, because earlier recovery action under another statute did not defeat the Insolvency and Bankruptcy Code, which has overriding effect. Default was proved through bank statements and supporting records, and the corporate debtor's account had been classified as a non-performing asset. The application was admitted, moratorium was declared, and the proposed interim resolution professional was appointed. Case-Laws Companies Law Wed, 23 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272398