https://www.taxtmi.com/caselaws?id=389402 Admission under Section 7 of the Insolvency and Bankruptcy Code requires reliable proof of an existing financial debt and subsisting default. The Tribunal found that the alleged disbursement and default were not supported by credible material, while bank evidence indicated repayment of the amount claimed; the creditor failed to dislodge that position. It also held that reliance on a supplementary affidavit already rejected and on materials from a withdrawn earlier proceeding was impermissible. The admission order, moratorium, appointment of the Interim Resolution Professional, and all consequential actions were set aside, and the Section 7 application was dismissed. en-us Thu, 05 Dec 2019 00:00:00 +0530 Sat, 07 Dec 2019 11:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389402 Admission under Section 7 of the Insolvency and Bankruptcy Code requires reliable proof of an existing financial debt and subsisting default. The Tribunal found that the alleged disbursement and default were not supported by credible material, while bank evidence indicated repayment of the amount claimed; the creditor failed to dislodge that position. It also held that reliance on a supplementary affidavit already rejected and on materials from a withdrawn earlier proceeding was impermissible. The admission order, moratorium, appointment of the Interim Resolution Professional, and all consequential actions were set aside, and the Section 7 application was dismissed. Case-Laws Insolvency and Bankruptcy Thu, 05 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389402