https://www.taxtmi.com/caselaws?id=400097 A Section 7 insolvency admission under the Insolvency and Bankruptcy Code was examined through the lens of limited summary scrutiny: the adjudicating authority must verify financial debt, default, limitation, completeness of the application, and the material supporting admission. The High Court noted that objections on collusion, fraud, and counterclaims had been considered, and found no non-application of mind, perversity, or natural justice breach to justify Article 226 interference. It also emphasised that once insolvency proceedings are admitted and an interim resolution professional is appointed, management shifts away from the suspended promoter/director, making the writ challenge difficult to maintain. The extraordinary writ jurisdiction was therefore declined and the admission order stood. en-us Tue, 20 Oct 2020 00:00:00 +0530 Wed, 28 Oct 2020 09:28:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400097 A Section 7 insolvency admission under the Insolvency and Bankruptcy Code was examined through the lens of limited summary scrutiny: the adjudicating authority must verify financial debt, default, limitation, completeness of the application, and the material supporting admission. The High Court noted that objections on collusion, fraud, and counterclaims had been considered, and found no non-application of mind, perversity, or natural justice breach to justify Article 226 interference. It also emphasised that once insolvency proceedings are admitted and an interim resolution professional is appointed, management shifts away from the suspended promoter/director, making the writ challenge difficult to maintain. The extraordinary writ jurisdiction was therefore declined and the admission order stood. Case-Laws Insolvency and Bankruptcy Tue, 20 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400097