https://www.taxtmi.com/caselaws?id=399408 The Tribunal found the Section 7 insolvency application to be within limitation because the default was reflected in the corporate debtor's own annual report and balance-sheet entries, and the petition was filed within three years of default. It further held that financial debt and default were established through the term-loan records, assignment to the financial creditor, the debtor's financial statements acknowledging liability, and the account's classification as non-performing. Alleged defects in Form 1 and the absence of an Information Utility record were treated as curable procedural objections and not grounds to reject an otherwise maintainable application. The application was admitted, moratorium was ordered, and an Interim Resolution Professional was appointed. en-us Fri, 17 Jan 2020 00:00:00 +0530 Sat, 10 Oct 2020 10:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399408 The Tribunal found the Section 7 insolvency application to be within limitation because the default was reflected in the corporate debtor's own annual report and balance-sheet entries, and the petition was filed within three years of default. It further held that financial debt and default were established through the term-loan records, assignment to the financial creditor, the debtor's financial statements acknowledging liability, and the account's classification as non-performing. Alleged defects in Form 1 and the absence of an Information Utility record were treated as curable procedural objections and not grounds to reject an otherwise maintainable application. The application was admitted, moratorium was ordered, and an Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Fri, 17 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399408