https://www.taxtmi.com/caselaws?id=388195 Proof of disbursal of financial debt and occurrence of default is sufficient to satisfy Section 7 of the Insolvency and Bankruptcy Code. The materials relied on included loan and security documents, account statements, bank records, and the account's classification as non-performing, which showed that the corporate debtor had availed the facilities and failed to repay the dues. Once those requirements were met, the insolvency process had to follow, including initiation of Corporate Insolvency Resolution Process, declaration of moratorium under Section 14, and appointment of an Interim Resolution Professional. en-us Tue, 23 Jul 2019 00:00:00 +0530 Mon, 11 Nov 2019 09:30:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388195 Proof of disbursal of financial debt and occurrence of default is sufficient to satisfy Section 7 of the Insolvency and Bankruptcy Code. The materials relied on included loan and security documents, account statements, bank records, and the account's classification as non-performing, which showed that the corporate debtor had availed the facilities and failed to repay the dues. Once those requirements were met, the insolvency process had to follow, including initiation of Corporate Insolvency Resolution Process, declaration of moratorium under Section 14, and appointment of an Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Tue, 23 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388195