https://www.taxtmi.com/caselaws?id=285107 A Section 7 application under the Insolvency and Bankruptcy Code was admitted because the applicant established financial debt, default, and completion of all filing requirements through loan, restructuring, account and security records. The Tribunal held that borrowing against consideration for time value of money satisfied the definition of financial debt, and that a financial creditor could proceed independently. Pendency of winding-up proceedings did not bar admission until final dissolution, and private consortium arrangements could not override the Code. The proposed interim resolution professional was also found free from disciplinary proceedings, so the corporate insolvency resolution process commenced with moratorium and public announcement. en-us Thu, 28 Mar 2019 00:00:00 +0530 Wed, 06 May 2020 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285107 A Section 7 application under the Insolvency and Bankruptcy Code was admitted because the applicant established financial debt, default, and completion of all filing requirements through loan, restructuring, account and security records. The Tribunal held that borrowing against consideration for time value of money satisfied the definition of financial debt, and that a financial creditor could proceed independently. Pendency of winding-up proceedings did not bar admission until final dissolution, and private consortium arrangements could not override the Code. The proposed interim resolution professional was also found free from disciplinary proceedings, so the corporate insolvency resolution process commenced with moratorium and public announcement. Case-Laws Insolvency and Bankruptcy Thu, 28 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285107