https://www.taxtmi.com/caselaws?id=387480 Admission of an insolvency application under section 7 of the Insolvency and Bankruptcy Code was challenged on the grounds of alleged denial of opportunity, alleged payment by the corporate debtor, and non-handover of documents and assets to the resolution professional. The record showed that the corporate debtor had been noticed and heard, with representation through advocates, so the absence of a counter-statement did not establish procedural infirmity. On the merits, the default was treated as admitted in part and the outstanding debt remained above the statutory threshold, while the appellate challenge did not dislodge the finding of non-payment. The additional grievance regarding non-handover of documents and assets did not undermine the admission order. en-us Thu, 01 Aug 2019 00:00:00 +0530 Thu, 24 Oct 2019 08:08:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387480 Admission of an insolvency application under section 7 of the Insolvency and Bankruptcy Code was challenged on the grounds of alleged denial of opportunity, alleged payment by the corporate debtor, and non-handover of documents and assets to the resolution professional. The record showed that the corporate debtor had been noticed and heard, with representation through advocates, so the absence of a counter-statement did not establish procedural infirmity. On the merits, the default was treated as admitted in part and the outstanding debt remained above the statutory threshold, while the appellate challenge did not dislodge the finding of non-payment. The additional grievance regarding non-handover of documents and assets did not undermine the admission order. Case-Laws Insolvency and Bankruptcy Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387480