https://www.taxtmi.com/caselaws?id=362365 A financial creditor's Section 7 application under the Insolvency and Bankruptcy Code, 2016 was held admissible because the petition was complete, supported by loan records, account materials and default evidence, and the proposed interim resolution professional had filed the required disclosures with no disciplinary bar. Objections based on a joint lender forum, ongoing revival discussions, and a tentative strategic investor were rejected because they did not amount to a binding restructuring arrangement or defeat the statutory remedy. Pending arbitration and the intervener's claim were also found not to bar commencement of corporate insolvency resolution process, since the dispute bar applicable to Sections 8 and 9 does not control Section 7 proceedings. The petition was admitted and moratorium consequences followed. en-us Thu, 05 Apr 2018 00:00:00 +0530 Sat, 23 Jun 2018 08:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=362365 A financial creditor's Section 7 application under the Insolvency and Bankruptcy Code, 2016 was held admissible because the petition was complete, supported by loan records, account materials and default evidence, and the proposed interim resolution professional had filed the required disclosures with no disciplinary bar. Objections based on a joint lender forum, ongoing revival discussions, and a tentative strategic investor were rejected because they did not amount to a binding restructuring arrangement or defeat the statutory remedy. Pending arbitration and the intervener's claim were also found not to bar commencement of corporate insolvency resolution process, since the dispute bar applicable to Sections 8 and 9 does not control Section 7 proceedings. The petition was admitted and moratorium consequences followed. Case-Laws Insolvency and Bankruptcy Thu, 05 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=362365