https://www.taxtmi.com/caselaws?id=290430 At the admission stage of a Section 7 insolvency application, the adjudicating authority need only verify default and the completeness of the application, and may rely on certified account statements and supporting loan documents as prima facie evidence of debt. Pendency of parallel recovery proceedings before the DRT, the existence of secured assets, or a dispute over the exact quantum due does not bar initiation of the Corporate Insolvency Resolution Process where the debt is due and payable. On that basis, the application was admitted, the CIRP was triggered, moratorium followed, and an Interim Resolution Professional was appointed. en-us Fri, 14 Jun 2019 00:00:00 +0530 Fri, 25 Sep 2020 20:37:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290430 At the admission stage of a Section 7 insolvency application, the adjudicating authority need only verify default and the completeness of the application, and may rely on certified account statements and supporting loan documents as prima facie evidence of debt. Pendency of parallel recovery proceedings before the DRT, the existence of secured assets, or a dispute over the exact quantum due does not bar initiation of the Corporate Insolvency Resolution Process where the debt is due and payable. On that basis, the application was admitted, the CIRP was triggered, moratorium followed, and an Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Fri, 14 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290430