https://www.taxtmi.com/caselaws?id=399091 Under Section 7 of the Insolvency and Bankruptcy Code, 2016, an application is admissible when default is established, the application is complete, and there is no pending disciplinary proceeding against the proposed interim resolution professional. The financial creditor supported the claim with the sanction letter, channel finance agreement, facility documents, hypothecation, guarantee, account statements and recall notices. The corporate debtor's objection that funds were not directly disbursed to it was rejected because the arrangement contemplated payment to named sellers under the channel finance structure. As the record showed a suitable IRP with consent and the default crossed the statutory threshold, the insolvency application was admitted. en-us Thu, 04 Jun 2020 00:00:00 +0530 Sat, 03 Oct 2020 11:48:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399091 Under Section 7 of the Insolvency and Bankruptcy Code, 2016, an application is admissible when default is established, the application is complete, and there is no pending disciplinary proceeding against the proposed interim resolution professional. The financial creditor supported the claim with the sanction letter, channel finance agreement, facility documents, hypothecation, guarantee, account statements and recall notices. The corporate debtor's objection that funds were not directly disbursed to it was rejected because the arrangement contemplated payment to named sellers under the channel finance structure. As the record showed a suitable IRP with consent and the default crossed the statutory threshold, the insolvency application was admitted. Case-Laws Insolvency and Bankruptcy Thu, 04 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399091