https://www.taxtmi.com/caselaws?id=287270 A co-operative bank was treated as a financial creditor for section 7 proceedings under the Insolvency and Bankruptcy Code, and its Special Officer was held authorised to file the application because the Code draws no distinction between categories of banks or financial institutions. The pendency of writ proceedings relating to SARFAESI action did not affect maintainability. As the corporate debtor admitted receipt of the loan and default in repayment, the requirements of financial debt and default were satisfied, and the section 7 application was admitted. Moratorium and ancillary insolvency steps were directed, commencing the corporate insolvency resolution process. en-us Thu, 25 Apr 2019 00:00:00 +0530 Tue, 07 Apr 2020 09:56:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287270 A co-operative bank was treated as a financial creditor for section 7 proceedings under the Insolvency and Bankruptcy Code, and its Special Officer was held authorised to file the application because the Code draws no distinction between categories of banks or financial institutions. The pendency of writ proceedings relating to SARFAESI action did not affect maintainability. As the corporate debtor admitted receipt of the loan and default in repayment, the requirements of financial debt and default were satisfied, and the section 7 application was admitted. Moratorium and ancillary insolvency steps were directed, commencing the corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Thu, 25 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287270