https://www.taxtmi.com/caselaws?id=401047 A section 7 insolvency application was held maintainable despite pending or earlier writ and SARFAESI proceedings against another consortium lender, because those proceedings did not bar the creditor's independent remedy and the claim rested on a separate overdraft facility. Limitation had to be examined at the threshold, but the creditor was entitled to rectify curable filing defects and place further material on debt, default, acknowledgements, and repayments before admission. The matter was therefore remitted for fresh consideration of admission after rectification and hearing both sides. en-us Tue, 24 Nov 2020 00:00:00 +0530 Thu, 26 Nov 2020 10:44:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401047 A section 7 insolvency application was held maintainable despite pending or earlier writ and SARFAESI proceedings against another consortium lender, because those proceedings did not bar the creditor's independent remedy and the claim rested on a separate overdraft facility. Limitation had to be examined at the threshold, but the creditor was entitled to rectify curable filing defects and place further material on debt, default, acknowledgements, and repayments before admission. The matter was therefore remitted for fresh consideration of admission after rectification and hearing both sides. Case-Laws Insolvency and Bankruptcy Tue, 24 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401047