https://www.taxtmi.com/caselaws?id=383660 A financial creditor may obtain admission under Section 7 of the Insolvency and Bankruptcy Code, 2016 where loan documents, account statements, acknowledgment of debt, and other material establish a due and unpaid financial debt, default, and a complete application. On the stated facts, the account was classified as non-performing and the outstanding liability remained unpaid, satisfying the definitions of debt and default under Sections 3(11) and 3(12). The Tribunal therefore admitted the petition, commenced the corporate insolvency resolution process, declared moratorium, and appointed the proposed interim resolution professional, with public announcement and claims process to follow. en-us Fri, 17 May 2019 00:00:00 +0530 Mon, 29 Jul 2019 08:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383660 A financial creditor may obtain admission under Section 7 of the Insolvency and Bankruptcy Code, 2016 where loan documents, account statements, acknowledgment of debt, and other material establish a due and unpaid financial debt, default, and a complete application. On the stated facts, the account was classified as non-performing and the outstanding liability remained unpaid, satisfying the definitions of debt and default under Sections 3(11) and 3(12). The Tribunal therefore admitted the petition, commenced the corporate insolvency resolution process, declared moratorium, and appointed the proposed interim resolution professional, with public announcement and claims process to follow. Case-Laws Insolvency and Bankruptcy Fri, 17 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383660