https://www.taxtmi.com/caselaws?id=276493 An insolvency application under section 7 of the Insolvency and Bankruptcy Code, 2016 was found maintainable where the record showed a financial debt and default within the meaning of sections 3(11) and 3(12). The assignee of the original lender's debt was treated as a financial creditor under section 5(7), so it had locus to seek initiation of the corporate insolvency resolution process. The materials also showed substantial compliance with section 7 requirements, and the proposed interim resolution professional had given consent and disclosed no pending disciplinary proceeding. The application was admitted, moratorium was imposed, and the interim resolution professional was appointed. en-us Wed, 05 Apr 2017 00:00:00 +0530 Tue, 13 Nov 2018 07:46:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276493 An insolvency application under section 7 of the Insolvency and Bankruptcy Code, 2016 was found maintainable where the record showed a financial debt and default within the meaning of sections 3(11) and 3(12). The assignee of the original lender's debt was treated as a financial creditor under section 5(7), so it had locus to seek initiation of the corporate insolvency resolution process. The materials also showed substantial compliance with section 7 requirements, and the proposed interim resolution professional had given consent and disclosed no pending disciplinary proceeding. The application was admitted, moratorium was imposed, and the interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Wed, 05 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276493