https://www.taxtmi.com/caselaws?id=370670 A Section 7 application under the Insolvency and Bankruptcy Code, 2016 was examined on completeness, proof of financial debt and default, and admissibility of corporate insolvency resolution. The Tribunal held that a financial creditor may file the application on its own, and that consortium arrangements or objections on internal banking authorisation do not defeat maintainability. It further found that the sanctioned and disbursed term loan, loan and security documents, debt acknowledgement, and certified account statements established financial debt and default. Disputes over claim quantum and parallel SARFAESI or DRT proceedings were held not to bar admission. The application was admitted, an interim resolution professional was appointed, and moratorium was declared. en-us Tue, 09 Oct 2018 00:00:00 +0530 Wed, 21 Nov 2018 21:32:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370670 A Section 7 application under the Insolvency and Bankruptcy Code, 2016 was examined on completeness, proof of financial debt and default, and admissibility of corporate insolvency resolution. The Tribunal held that a financial creditor may file the application on its own, and that consortium arrangements or objections on internal banking authorisation do not defeat maintainability. It further found that the sanctioned and disbursed term loan, loan and security documents, debt acknowledgement, and certified account statements established financial debt and default. Disputes over claim quantum and parallel SARFAESI or DRT proceedings were held not to bar admission. The application was admitted, an interim resolution professional was appointed, and moratorium was declared. Case-Laws Insolvency and Bankruptcy Tue, 09 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370670