https://www.taxtmi.com/caselaws?id=291557 A financial creditor's section 7 application under the Insolvency and Bankruptcy Code was admitted because default was established through loan documents, account statements, notice materials and the record of default, and the application was found to comply with the prescribed procedure under Rule 4. The Tribunal held that, once default exists and the application is complete, the Adjudicating Authority must admit the petition and commence the corporate insolvency resolution process. The proposed resolution professional was found eligible, moratorium followed, and an interim resolution professional was appointed for the corporate debtor. en-us Fri, 30 Aug 2019 00:00:00 +0530 Tue, 17 Nov 2020 16:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291557 A financial creditor's section 7 application under the Insolvency and Bankruptcy Code was admitted because default was established through loan documents, account statements, notice materials and the record of default, and the application was found to comply with the prescribed procedure under Rule 4. The Tribunal held that, once default exists and the application is complete, the Adjudicating Authority must admit the petition and commence the corporate insolvency resolution process. The proposed resolution professional was found eligible, moratorium followed, and an interim resolution professional was appointed for the corporate debtor. Case-Laws Insolvency and Bankruptcy Fri, 30 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291557