https://www.taxtmi.com/caselaws?id=401355 Pendency of SARFAESI proceedings did not bar a section 7 IBC application because insolvency proceedings operate as a distinct resolution mechanism and section 238 gives the Code overriding effect. The Tribunal found financial debt and default on the record, noted that the default met the applicable threshold, and held that section 10A did not apply because the default fell outside the protected period. On that basis, the statutory requirements for admission under section 7(5) were satisfied and the application was admitted, triggering CIRP, moratorium, and appointment of an interim resolution professional. en-us Fri, 20 Nov 2020 00:00:00 +0530 Sat, 30 Jan 2021 18:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401355 Pendency of SARFAESI proceedings did not bar a section 7 IBC application because insolvency proceedings operate as a distinct resolution mechanism and section 238 gives the Code overriding effect. The Tribunal found financial debt and default on the record, noted that the default met the applicable threshold, and held that section 10A did not apply because the default fell outside the protected period. On that basis, the statutory requirements for admission under section 7(5) were satisfied and the application was admitted, triggering CIRP, moratorium, and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Fri, 20 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401355