https://www.taxtmi.com/caselaws?id=390360 Proof of default and compliance with the prescribed Section 7 documentation are treated as the key requirements for admission of a financial creditor's insolvency application. The material cited included account statements, supporting certificates, a recall notice, NPA classification, and SARFAESI notice, together with the required forms and the proposed interim resolution professional's declaration that no disciplinary proceedings were pending. Where these conditions are satisfied, Section 7(5)(a) is met and the corporate insolvency resolution process may be admitted, with moratorium and appointment of an interim resolution professional following as statutory consequences. en-us Tue, 03 Sep 2019 00:00:00 +0530 Wed, 01 Jan 2020 16:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390360 Proof of default and compliance with the prescribed Section 7 documentation are treated as the key requirements for admission of a financial creditor's insolvency application. The material cited included account statements, supporting certificates, a recall notice, NPA classification, and SARFAESI notice, together with the required forms and the proposed interim resolution professional's declaration that no disciplinary proceedings were pending. Where these conditions are satisfied, Section 7(5)(a) is met and the corporate insolvency resolution process may be admitted, with moratorium and appointment of an interim resolution professional following as statutory consequences. Case-Laws Insolvency and Bankruptcy Tue, 03 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390360