https://www.taxtmi.com/caselaws?id=291224 A section 7 application under the Insolvency and Bankruptcy Code was found maintainable where loan facilities had been sanctioned and disbursed against interest, creating a debt with commercial effect of borrowing. Loan records, security documents, certified account statements, settlement correspondence, and repayment evidence established both debt and default. The limitation objection failed because acknowledgments and a later payment fell within the relevant period. The challenge to the quantum of default was rejected as beyond the limited summary scope of section 7, which only requires proof of debt and default. The NPA objection was treated as immaterial to admission. The applicant was held to be a financial creditor, the petition was admitted, and moratorium and an Interim Resolution Professional were directed. en-us Wed, 18 Dec 2019 00:00:00 +0530 Mon, 02 Nov 2020 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291224 A section 7 application under the Insolvency and Bankruptcy Code was found maintainable where loan facilities had been sanctioned and disbursed against interest, creating a debt with commercial effect of borrowing. Loan records, security documents, certified account statements, settlement correspondence, and repayment evidence established both debt and default. The limitation objection failed because acknowledgments and a later payment fell within the relevant period. The challenge to the quantum of default was rejected as beyond the limited summary scope of section 7, which only requires proof of debt and default. The NPA objection was treated as immaterial to admission. The applicant was held to be a financial creditor, the petition was admitted, and moratorium and an Interim Resolution Professional were directed. Case-Laws Insolvency and Bankruptcy Wed, 18 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291224