https://www.taxtmi.com/caselaws?id=288442 An application under section 7 of the Insolvency and Bankruptcy Code was found complete, and default was held proved on the basis of loan documents, account statements, recall and demand notices, CRILC records, and the settlement proposal. The corporate debtor did not file any reply affidavit despite opportunities, and the account had been declared non-performing asset with the debt remaining unpaid. As the proposed interim resolution professional had given consent and no disciplinary proceedings were pending, the statutory requirements for admission were satisfied. The application was admitted, corporate insolvency resolution process was directed to commence, moratorium was imposed, and an interim resolution professional was appointed. en-us Mon, 19 Aug 2019 00:00:00 +0530 Sun, 07 Jun 2020 19:42:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288442 An application under section 7 of the Insolvency and Bankruptcy Code was found complete, and default was held proved on the basis of loan documents, account statements, recall and demand notices, CRILC records, and the settlement proposal. The corporate debtor did not file any reply affidavit despite opportunities, and the account had been declared non-performing asset with the debt remaining unpaid. As the proposed interim resolution professional had given consent and no disciplinary proceedings were pending, the statutory requirements for admission were satisfied. The application was admitted, corporate insolvency resolution process was directed to commence, moratorium was imposed, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Mon, 19 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288442