https://www.taxtmi.com/caselaws?id=283681 Section 7 insolvency applications require proof of financial debt and default, with limitation governed by section 238A of the Insolvency and Bankruptcy Code and the Limitation Act. The claim was treated as enforcement of mortgage-secured debt under Article 62, and the petition was found within time. Objections based on uncertified account statements and the debt assignment were rejected because the bank records were sufficient and the assignment was treated as valid. The tribunal also held that pendency of the Joint Lenders' Forum did not affect admission, found financial debt and default established, and admitted the petition, commencing CIRP and appointing an interim resolution professional. en-us Tue, 29 Jan 2019 00:00:00 +0530 Sun, 06 Oct 2019 11:16:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283681 Section 7 insolvency applications require proof of financial debt and default, with limitation governed by section 238A of the Insolvency and Bankruptcy Code and the Limitation Act. The claim was treated as enforcement of mortgage-secured debt under Article 62, and the petition was found within time. Objections based on uncertified account statements and the debt assignment were rejected because the bank records were sufficient and the assignment was treated as valid. The tribunal also held that pendency of the Joint Lenders' Forum did not affect admission, found financial debt and default established, and admitted the petition, commencing CIRP and appointing an interim resolution professional. Case-Laws Insolvency and Bankruptcy Tue, 29 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283681