https://www.taxtmi.com/caselaws?id=394242 In a section 7 IBC application, the NCLT found that the financial creditor had proved financial debt and default through loan documents, sanction papers, charge records and a certified statement of accounts, which served as prima facie evidence under the Bankers' Books Evidence Act. It held that non-classification of the account as NPA was immaterial because the enquiry under section 7 is limited to debt, default and completeness of the application. As no disciplinary proceedings existed against the proposed resolution professional, the petition was admitted, the CIRP commenced, a moratorium was ordered, and the interim resolution professional was appointed. en-us Mon, 30 Sep 2019 00:00:00 +0530 Mon, 06 Apr 2020 12:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394242 In a section 7 IBC application, the NCLT found that the financial creditor had proved financial debt and default through loan documents, sanction papers, charge records and a certified statement of accounts, which served as prima facie evidence under the Bankers' Books Evidence Act. It held that non-classification of the account as NPA was immaterial because the enquiry under section 7 is limited to debt, default and completeness of the application. As no disciplinary proceedings existed against the proposed resolution professional, the petition was admitted, the CIRP commenced, a moratorium was ordered, and the interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Mon, 30 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394242