https://www.taxtmi.com/caselaws?id=366469 A section 7 insolvency application was held admissible where the financial creditor was duly authorised to file it, and the bank's account statements and supporting affidavits were accepted as compliant with the Bankers' Books Evidence Act. The Tribunal found substantial material showing overdue financial debt and default beyond the statutory threshold, and held that the application met the prescribed form and contents under the Code and rules. Objections regarding consortium lenders, the date of disbursement, NPA classification, restructuring, and the earlier proposed interim resolution professional were rejected. The substituted interim resolution professional was found eligible, and admission, moratorium, and commencement of CIRP followed. en-us Fri, 20 Jul 2018 00:00:00 +0530 Wed, 05 Sep 2018 08:39:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366469 A section 7 insolvency application was held admissible where the financial creditor was duly authorised to file it, and the bank's account statements and supporting affidavits were accepted as compliant with the Bankers' Books Evidence Act. The Tribunal found substantial material showing overdue financial debt and default beyond the statutory threshold, and held that the application met the prescribed form and contents under the Code and rules. Objections regarding consortium lenders, the date of disbursement, NPA classification, restructuring, and the earlier proposed interim resolution professional were rejected. The substituted interim resolution professional was found eligible, and admission, moratorium, and commencement of CIRP followed. Case-Laws Insolvency and Bankruptcy Fri, 20 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366469