https://www.taxtmi.com/caselaws?id=281096 A legally valid assignment of financial debt, supported by a deed of assignment and consideration, is described as sufficient to confer financial creditor status under the insolvency framework. The text notes rejection of objections based on RBI guidelines, exclusion of the SBLC from the transfer, alleged contractual breach, and the argument that only NPAs can be assigned, because the transfer of the loan itself was not invalidated and borrower consent was not required. It further states that default was treated as established through the statement of dues and supporting certificate, that the application was complete, and that no disciplinary proceeding was pending against the proposed resolution professional, leading to admission and initiation of CIRP. en-us Fri, 06 Jul 2018 00:00:00 +0530 Mon, 03 Jun 2019 20:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281096 A legally valid assignment of financial debt, supported by a deed of assignment and consideration, is described as sufficient to confer financial creditor status under the insolvency framework. The text notes rejection of objections based on RBI guidelines, exclusion of the SBLC from the transfer, alleged contractual breach, and the argument that only NPAs can be assigned, because the transfer of the loan itself was not invalidated and borrower consent was not required. It further states that default was treated as established through the statement of dues and supporting certificate, that the application was complete, and that no disciplinary proceeding was pending against the proposed resolution professional, leading to admission and initiation of CIRP. Case-Laws Insolvency and Bankruptcy Fri, 06 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281096