https://www.taxtmi.com/caselaws?id=275445 An assignee of a financial debt can be treated as a financial creditor for initiating proceedings under Section 7 of the Insolvency and Bankruptcy Code, because a valid assignment transfers the lender's rights without extinguishing the borrower's liability. Pending SARFAESI action, a challenge to the assignment deed, or the absence of NPA classification does not by itself bar admission of an insolvency application. Where loan records, accounts and dues show prima facie debt and default, the insolvency framework may be triggered, with moratorium under Section 14 and appointment of an Interim Resolution Professional. en-us Fri, 31 Mar 2017 00:00:00 +0530 Thu, 04 Oct 2018 10:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275445 An assignee of a financial debt can be treated as a financial creditor for initiating proceedings under Section 7 of the Insolvency and Bankruptcy Code, because a valid assignment transfers the lender's rights without extinguishing the borrower's liability. Pending SARFAESI action, a challenge to the assignment deed, or the absence of NPA classification does not by itself bar admission of an insolvency application. Where loan records, accounts and dues show prima facie debt and default, the insolvency framework may be triggered, with moratorium under Section 14 and appointment of an Interim Resolution Professional. Case-Laws Companies Law Fri, 31 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275445