https://www.taxtmi.com/caselaws?id=363204 A defective power of attorney and minor lapses in authorisation, service, and nomination of the interim resolution professional did not defeat the section 7 insolvency petition, because valid board resolutions authorised filing, the corporate debtor had received notice and participated, and the proposed professional was qualified. The Tribunal treated the designation issue as an irregularity rather than a fatal defect. On the merits, the loan record, settlement terms, repayment arrangement, correspondence, and financial statements established a financial debt and default, and prior sick-industry proceedings did not bar admission after statutory abatement. The application was admitted, moratorium followed, and CIRP was directed to commence. en-us Tue, 01 May 2018 00:00:00 +0530 Mon, 09 Jul 2018 08:27:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363204 A defective power of attorney and minor lapses in authorisation, service, and nomination of the interim resolution professional did not defeat the section 7 insolvency petition, because valid board resolutions authorised filing, the corporate debtor had received notice and participated, and the proposed professional was qualified. The Tribunal treated the designation issue as an irregularity rather than a fatal defect. On the merits, the loan record, settlement terms, repayment arrangement, correspondence, and financial statements established a financial debt and default, and prior sick-industry proceedings did not bar admission after statutory abatement. The application was admitted, moratorium followed, and CIRP was directed to commence. Case-Laws Insolvency and Bankruptcy Tue, 01 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363204