https://www.taxtmi.com/caselaws?id=282310 At the Section 7 admission stage, the Adjudicating Authority must be satisfied that the financial creditor was duly authorised, the application was filed in the prescribed form with the required documents, and no disciplinary bar existed against the proposed resolution professional. On the merits, loan records, account statements, security documents and the corporate debtor's own balance sheet established financial debt and default. Objections based on NPA classification, pendency of SARFAESI or DRT proceedings, and reliance on the RBI circular dated 12.02.2018 did not defeat the petition, as those matters do not negate proved default. The insolvency petition was admitted and moratorium followed. en-us Tue, 16 Apr 2019 00:00:00 +0530 Fri, 02 Aug 2019 06:22:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282310 At the Section 7 admission stage, the Adjudicating Authority must be satisfied that the financial creditor was duly authorised, the application was filed in the prescribed form with the required documents, and no disciplinary bar existed against the proposed resolution professional. On the merits, loan records, account statements, security documents and the corporate debtor's own balance sheet established financial debt and default. Objections based on NPA classification, pendency of SARFAESI or DRT proceedings, and reliance on the RBI circular dated 12.02.2018 did not defeat the petition, as those matters do not negate proved default. The insolvency petition was admitted and moratorium followed. Case-Laws Insolvency and Bankruptcy Tue, 16 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282310