https://www.taxtmi.com/caselaws?id=387018 An application under Section 7 of the Insolvency and Bankruptcy Code was treated as within limitation because the record showed restructuring, assignment of the debt and acknowledgement of liability in the corporate debtor's balance sheet, which supported continuing default. Pendency of SARFAESI and DRT recovery proceedings did not bar insolvency initiation, as recovery remedies and CIRP were treated as distinct, and enforcement would stand in abeyance on moratorium. On the documentary record, financial debt, default and application completeness were established, and the proposed interim resolution professional was found eligible, leading to admission of the application and commencement of CIRP. en-us Fri, 09 Aug 2019 00:00:00 +0530 Tue, 15 Oct 2019 12:07:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387018 An application under Section 7 of the Insolvency and Bankruptcy Code was treated as within limitation because the record showed restructuring, assignment of the debt and acknowledgement of liability in the corporate debtor's balance sheet, which supported continuing default. Pendency of SARFAESI and DRT recovery proceedings did not bar insolvency initiation, as recovery remedies and CIRP were treated as distinct, and enforcement would stand in abeyance on moratorium. On the documentary record, financial debt, default and application completeness were established, and the proposed interim resolution professional was found eligible, leading to admission of the application and commencement of CIRP. Case-Laws Insolvency and Bankruptcy Fri, 09 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387018