https://www.taxtmi.com/caselaws?id=361522 Section 7 of the Insolvency and Bankruptcy Code requires proof of financial debt, default, a complete application, and no disciplinary proceedings against the proposed resolution professional. On the facts described, the applicant relied on loan documents, security documents, ledger statements, acknowledgements of debt, and assignment papers to show that the corporate debtor had availed financial facilities and defaulted in repayment. The tribunal treated disputes over the quantum of debt, the assignment of debt, and pending recovery proceedings before the Debts Recovery Tribunal as insufficient to defeat admission once default was established and the statutory requirements were met. The application was therefore admitted and CIRP was initiated. en-us Thu, 10 May 2018 00:00:00 +0530 Fri, 08 Jun 2018 08:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361522 Section 7 of the Insolvency and Bankruptcy Code requires proof of financial debt, default, a complete application, and no disciplinary proceedings against the proposed resolution professional. On the facts described, the applicant relied on loan documents, security documents, ledger statements, acknowledgements of debt, and assignment papers to show that the corporate debtor had availed financial facilities and defaulted in repayment. The tribunal treated disputes over the quantum of debt, the assignment of debt, and pending recovery proceedings before the Debts Recovery Tribunal as insufficient to defeat admission once default was established and the statutory requirements were met. The application was therefore admitted and CIRP was initiated. Case-Laws Insolvency and Bankruptcy Thu, 10 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361522