https://www.taxtmi.com/caselaws?id=290170 The section 7 application was found complete and maintainable because default was shown, the proposed Interim Resolution Professional had filed the required consent and eligibility disclosure, and notice had been duly served on the corporate debtor. The objection that a restructuring proposal had to be examined before insolvency admission was rejected: the RBI prudential circular did not require restructuring in every default case, the later circular could not control an already filed petition, and the revised proposal was not submitted within the permitted time. The Code also does not require prior approval of the consortium or Joint Lenders' Forum before a financial creditor files a section 7 application, whether alone or jointly, so the petition was admitted. en-us Fri, 27 Jul 2018 00:00:00 +0530 Fri, 11 Sep 2020 23:44:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290170 The section 7 application was found complete and maintainable because default was shown, the proposed Interim Resolution Professional had filed the required consent and eligibility disclosure, and notice had been duly served on the corporate debtor. The objection that a restructuring proposal had to be examined before insolvency admission was rejected: the RBI prudential circular did not require restructuring in every default case, the later circular could not control an already filed petition, and the revised proposal was not submitted within the permitted time. The Code also does not require prior approval of the consortium or Joint Lenders' Forum before a financial creditor files a section 7 application, whether alone or jointly, so the petition was admitted. Case-Laws Insolvency and Bankruptcy Fri, 27 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290170