https://www.taxtmi.com/caselaws?id=283239 For admission of a financial creditor's Section 7 application, the Adjudicating Authority must be satisfied on a summary basis that a financial debt is due and payable, default has occurred, and the application is otherwise complete. On the facts, the loan transaction and amendatory agreement showed disbursal, revised repayment terms, and persistent non-payment of instalments, while the objection that the account had not been declared non-performing was held immaterial. The application was found complete, supported by evidence of default, and the proposed resolution professional was eligible, so initiation of the corporate insolvency resolution process was justified. en-us Tue, 30 Apr 2019 00:00:00 +0530 Fri, 13 Sep 2019 18:14:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283239 For admission of a financial creditor's Section 7 application, the Adjudicating Authority must be satisfied on a summary basis that a financial debt is due and payable, default has occurred, and the application is otherwise complete. On the facts, the loan transaction and amendatory agreement showed disbursal, revised repayment terms, and persistent non-payment of instalments, while the objection that the account had not been declared non-performing was held immaterial. The application was found complete, supported by evidence of default, and the proposed resolution professional was eligible, so initiation of the corporate insolvency resolution process was justified. Case-Laws Insolvency and Bankruptcy Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283239