https://www.taxtmi.com/caselaws?id=279299 A section 7 application under the Insolvency and Bankruptcy Code was admitted because contemporaneous loan and security documents, recall notices, and account classification as non-performing established a financial debt and default. The NCLT found that continued non-payment after recall satisfied the statutory threshold for commencement of the corporate insolvency resolution process, and parallel proceedings by other agencies did not displace the insolvency remedy once admission requirements were met. The proposed interim resolution professional was found eligible, and moratorium together with appointment of the interim resolution professional was confirmed. en-us Mon, 08 Oct 2018 00:00:00 +0530 Tue, 12 Mar 2019 16:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279299 A section 7 application under the Insolvency and Bankruptcy Code was admitted because contemporaneous loan and security documents, recall notices, and account classification as non-performing established a financial debt and default. The NCLT found that continued non-payment after recall satisfied the statutory threshold for commencement of the corporate insolvency resolution process, and parallel proceedings by other agencies did not displace the insolvency remedy once admission requirements were met. The proposed interim resolution professional was found eligible, and moratorium together with appointment of the interim resolution professional was confirmed. Case-Laws Insolvency and Bankruptcy Mon, 08 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279299