https://www.taxtmi.com/caselaws?id=291125 A section 7 application under the Insolvency and Bankruptcy Code was admitted because the financial creditor supported the claim with loan documents, bank records, assignment papers, recovery material and evidence of outstanding liability. The corporate debtor did not meaningfully dispute the financial debt or default and repeatedly sought time for settlement, which reinforced the existence of liability and default. As the application was complete and procedural requirements were complied with, the adjudicating authority applied the principle that established default requires admission. The corporate insolvency resolution process was commenced, moratorium followed, and the proposed interim resolution professional was appointed. en-us Fri, 20 Dec 2019 00:00:00 +0530 Wed, 28 Oct 2020 19:21:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291125 A section 7 application under the Insolvency and Bankruptcy Code was admitted because the financial creditor supported the claim with loan documents, bank records, assignment papers, recovery material and evidence of outstanding liability. The corporate debtor did not meaningfully dispute the financial debt or default and repeatedly sought time for settlement, which reinforced the existence of liability and default. As the application was complete and procedural requirements were complied with, the adjudicating authority applied the principle that established default requires admission. The corporate insolvency resolution process was commenced, moratorium followed, and the proposed interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Fri, 20 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291125