https://www.taxtmi.com/caselaws?id=361903 A pending winding-up petition, without any order of winding up or liquidation, does not bar admission of a section 7 application under the Insolvency and Bankruptcy Code, and parallel SARFAESI or DRT proceedings also do not prevent initiation because the Code has overriding effect. The record further showed sanctioned and assigned financial facilities, acknowledgments in audited statements, and admitted default, while the proposed interim resolution professional met statutory requirements and no disciplinary proceeding was pending. The application was therefore complete and eligible for admission, leading to admission, appointment of an interim resolution professional, and declaration of moratorium. en-us Fri, 13 Apr 2018 00:00:00 +0530 Sat, 16 Jun 2018 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=361903 A pending winding-up petition, without any order of winding up or liquidation, does not bar admission of a section 7 application under the Insolvency and Bankruptcy Code, and parallel SARFAESI or DRT proceedings also do not prevent initiation because the Code has overriding effect. The record further showed sanctioned and assigned financial facilities, acknowledgments in audited statements, and admitted default, while the proposed interim resolution professional met statutory requirements and no disciplinary proceeding was pending. The application was therefore complete and eligible for admission, leading to admission, appointment of an interim resolution professional, and declaration of moratorium. Case-Laws Insolvency and Bankruptcy Fri, 13 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=361903