https://www.taxtmi.com/caselaws?id=281422 A Section 7 insolvency application was treated as competently filed where a bank officer acted under power of attorney and had authority to represent the financial creditor. Pending fraud allegations, criminal proceedings, or a civil suit did not bar initiation of corporate insolvency resolution because the Code operates with overriding effect and collateral disputes do not negate default. The record of loan disbursement, security documents, account statements, and non-payment established financial debt and default, and the application was complete with no disciplinary issue against the proposed interim resolution professional. Admission followed, with moratorium, public announcement, and appointment of the interim resolution professional. en-us Sun, 25 Mar 2018 00:00:00 +0530 Tue, 18 Jun 2019 21:30:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281422 A Section 7 insolvency application was treated as competently filed where a bank officer acted under power of attorney and had authority to represent the financial creditor. Pending fraud allegations, criminal proceedings, or a civil suit did not bar initiation of corporate insolvency resolution because the Code operates with overriding effect and collateral disputes do not negate default. The record of loan disbursement, security documents, account statements, and non-payment established financial debt and default, and the application was complete with no disciplinary issue against the proposed interim resolution professional. Admission followed, with moratorium, public announcement, and appointment of the interim resolution professional. Case-Laws Insolvency and Bankruptcy Sun, 25 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281422