https://www.taxtmi.com/caselaws?id=282799 A single financial creditor may invoke Section 7 of the Insolvency and Bankruptcy Code independently even where the borrowing arose under a consortium arrangement, and non-joinder of other consortium banks does not by itself defeat maintainability. The Tribunal found that sanction of financial assistance, a recovery certificate, continuing non-payment, and supporting demand material established financial debt and default; it also held that limitation did not bar the application because the debt remained unpaid and the default continued. On that basis, the petitioner was treated as a financial creditor and the corporate insolvency resolution process was admitted, with moratorium ordered and an interim resolution professional appointed. en-us Fri, 29 Mar 2019 00:00:00 +0530 Fri, 23 Aug 2019 20:39:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282799 A single financial creditor may invoke Section 7 of the Insolvency and Bankruptcy Code independently even where the borrowing arose under a consortium arrangement, and non-joinder of other consortium banks does not by itself defeat maintainability. The Tribunal found that sanction of financial assistance, a recovery certificate, continuing non-payment, and supporting demand material established financial debt and default; it also held that limitation did not bar the application because the debt remained unpaid and the default continued. On that basis, the petitioner was treated as a financial creditor and the corporate insolvency resolution process was admitted, with moratorium ordered and an interim resolution professional appointed. Case-Laws Companies Law Fri, 29 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282799