https://www.taxtmi.com/caselaws?id=380319 Existence of financial debt and default was established from loan documents, mortgage and guarantee arrangements, acknowledgement of liability, assignment of the debt to the petitioner, NPA classification, and repeated non-payment. A conditional restructuring proposal, expressly revocable on continuing default, was cancelled after persistent non-compliance, so the original liability revived. Pending SARFAESI proceedings did not bar the independent remedy under the insolvency code. On these materials, the debt and default were proved, and the petition was admitted with commencement of CIRP against the corporate debtor. en-us Wed, 27 Mar 2019 00:00:00 +0530 Sat, 18 May 2019 06:50:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380319 Existence of financial debt and default was established from loan documents, mortgage and guarantee arrangements, acknowledgement of liability, assignment of the debt to the petitioner, NPA classification, and repeated non-payment. A conditional restructuring proposal, expressly revocable on continuing default, was cancelled after persistent non-compliance, so the original liability revived. Pending SARFAESI proceedings did not bar the independent remedy under the insolvency code. On these materials, the debt and default were proved, and the petition was admitted with commencement of CIRP against the corporate debtor. Case-Laws Insolvency and Bankruptcy Wed, 27 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380319