https://www.taxtmi.com/caselaws?id=288911 A section 7 insolvency application requires proof of an actionable default by the corporate debtor. Where contractual possession timelines are linked to fulfilment of approval conditions, including fire safety clearance, the period for handing over possession must be computed from the date the necessary clearance is granted. On the facts stated, the project could not commence until environmental and fire safety approvals were obtained, the fire safety approval was granted on 27 November 2014, and the possession offer was issued within the contractual timeline. No default attributable to the corporate debtor was proved, so the section 7 application was not maintainable. en-us Tue, 26 Feb 2019 00:00:00 +0530 Sun, 05 Jul 2020 15:18:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288911 A section 7 insolvency application requires proof of an actionable default by the corporate debtor. Where contractual possession timelines are linked to fulfilment of approval conditions, including fire safety clearance, the period for handing over possession must be computed from the date the necessary clearance is granted. On the facts stated, the project could not commence until environmental and fire safety approvals were obtained, the fire safety approval was granted on 27 November 2014, and the possession offer was issued within the contractual timeline. No default attributable to the corporate debtor was proved, so the section 7 application was not maintainable. Case-Laws Insolvency and Bankruptcy Tue, 26 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288911