https://www.taxtmi.com/caselaws?id=376597 A Section 7 application under the Insolvency and Bankruptcy Code was held maintainable where it was supported by a board resolution and specific power of attorney, and the authorised officer was competent to file it; the objection on lack of authorisation was rejected. Pendency of SARFAESI and DRT proceedings did not bar admission because the Code operates as a complete code with overriding effect, so parallel recovery steps were no legal impediment once default and completeness were shown. Financial debt and continuing default were established through loan documents, account statements, balance confirmations and related records, and the application satisfied statutory requirements, so the application was admitted, the corporate insolvency resolution process commenced, moratorium was declared, and an interim resolution professional was appointed. en-us Fri, 11 Jan 2019 00:00:00 +0530 Wed, 13 Mar 2019 08:05:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376597 A Section 7 application under the Insolvency and Bankruptcy Code was held maintainable where it was supported by a board resolution and specific power of attorney, and the authorised officer was competent to file it; the objection on lack of authorisation was rejected. Pendency of SARFAESI and DRT proceedings did not bar admission because the Code operates as a complete code with overriding effect, so parallel recovery steps were no legal impediment once default and completeness were shown. Financial debt and continuing default were established through loan documents, account statements, balance confirmations and related records, and the application satisfied statutory requirements, so the application was admitted, the corporate insolvency resolution process commenced, moratorium was declared, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Fri, 11 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376597