https://www.taxtmi.com/caselaws?id=367791 A Section 7 IBC application was held to be properly instituted through an authorised bank officer where board resolutions and delegation records supported the authority letter. The Tribunal also held that a single financial creditor may file independently, and consortium arrangements cannot restrict the statutory right to initiate insolvency proceedings. Defects in the proposed Interim Resolution Professional's consent form were treated as curable, and pending restructuring discussions did not bar admission absent a binding compromise. As the financial debt and continuing default were established through loan and account records, and no disciplinary proceeding was pending against the proposed professional, admission and commencement of CIRP followed as a statutory mandate. en-us Tue, 07 Aug 2018 00:00:00 +0530 Tue, 25 Sep 2018 11:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=367791 A Section 7 IBC application was held to be properly instituted through an authorised bank officer where board resolutions and delegation records supported the authority letter. The Tribunal also held that a single financial creditor may file independently, and consortium arrangements cannot restrict the statutory right to initiate insolvency proceedings. Defects in the proposed Interim Resolution Professional's consent form were treated as curable, and pending restructuring discussions did not bar admission absent a binding compromise. As the financial debt and continuing default were established through loan and account records, and no disciplinary proceeding was pending against the proposed professional, admission and commencement of CIRP followed as a statutory mandate. Case-Laws Insolvency and Bankruptcy Tue, 07 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=367791