https://www.taxtmi.com/caselaws?id=278761 A section 7 insolvency application is maintainable where the financial creditor proves a complete application, default in repayment, and a proposed interim resolution professional without pending disciplinary proceedings. The record here included sanction documents, restructuring papers, balance confirmations, account statements and security documents, and showed that the debt remained unpaid after the account was classified as an NPA. Consortium lending did not defeat the petition because a financial creditor may proceed alone or jointly, while pending SARFAESI action and a rejected one-time settlement did not bar initiation of insolvency proceedings in view of the Code's overriding effect. The CIRP was therefore commenced, an interim resolution professional was appointed, and moratorium consequences followed. en-us Fri, 11 May 2018 00:00:00 +0530 Wed, 20 Feb 2019 06:15:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278761 A section 7 insolvency application is maintainable where the financial creditor proves a complete application, default in repayment, and a proposed interim resolution professional without pending disciplinary proceedings. The record here included sanction documents, restructuring papers, balance confirmations, account statements and security documents, and showed that the debt remained unpaid after the account was classified as an NPA. Consortium lending did not defeat the petition because a financial creditor may proceed alone or jointly, while pending SARFAESI action and a rejected one-time settlement did not bar initiation of insolvency proceedings in view of the Code's overriding effect. The CIRP was therefore commenced, an interim resolution professional was appointed, and moratorium consequences followed. Case-Laws Insolvency and Bankruptcy Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278761