https://www.taxtmi.com/caselaws?id=288192 Section 7 admission turns on proof of financial debt, default, and a complete application, with only a summary enquiry at the admission stage. On the record of loan documents, account statements, acknowledgements, and balance-sheet entries, the Tribunal found debt and default established and the application complete, so the corporate insolvency process was admitted and the proposed interim resolution professional was appointed. The lead bank, authorised under the consortium arrangement, was competent to act for the lenders. Objections based on NPA classification, disputed quantum, and pending SARFAESI or DRT proceedings did not bar admission. en-us Tue, 11 Dec 2018 00:00:00 +0530 Mon, 19 Jul 2021 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288192 Section 7 admission turns on proof of financial debt, default, and a complete application, with only a summary enquiry at the admission stage. On the record of loan documents, account statements, acknowledgements, and balance-sheet entries, the Tribunal found debt and default established and the application complete, so the corporate insolvency process was admitted and the proposed interim resolution professional was appointed. The lead bank, authorised under the consortium arrangement, was competent to act for the lenders. Objections based on NPA classification, disputed quantum, and pending SARFAESI or DRT proceedings did not bar admission. Case-Laws Insolvency and Bankruptcy Tue, 11 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288192