https://www.taxtmi.com/caselaws?id=370347 A financial creditor in a consortium may independently invoke section 7 of the Insolvency and Bankruptcy Code, and an inter-se lending arrangement cannot override that statutory right because section 238 gives the Code overriding effect. The application was treated as complete once the required particulars, consent, and disclosures of the proposed interim resolution professional were furnished, and the Tribunal declined to test extraneous selection criteria at admission. On the record of loan sanction, disbursement, security creation, account statements, and persistent non-payment, default was established; pending SARFAESI or DRT proceedings did not bar admission. The application was admitted, the interim resolution professional appointed, and moratorium commenced. en-us Thu, 04 Oct 2018 00:00:00 +0530 Fri, 16 Nov 2018 08:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370347 A financial creditor in a consortium may independently invoke section 7 of the Insolvency and Bankruptcy Code, and an inter-se lending arrangement cannot override that statutory right because section 238 gives the Code overriding effect. The application was treated as complete once the required particulars, consent, and disclosures of the proposed interim resolution professional were furnished, and the Tribunal declined to test extraneous selection criteria at admission. On the record of loan sanction, disbursement, security creation, account statements, and persistent non-payment, default was established; pending SARFAESI or DRT proceedings did not bar admission. The application was admitted, the interim resolution professional appointed, and moratorium commenced. Case-Laws Insolvency and Bankruptcy Thu, 04 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370347