https://www.taxtmi.com/caselaws?id=403220 In a section 10 Insolvency and Bankruptcy Code application, the adjudicating authority's scrutiny is confined to whether the application is complete, debt and default are shown, and the corporate applicant is not disqualified under section 11. Rule 7 of the Application to Adjudicating Authority Rules only prescribes the filing form and does not permit a wider merits-based examination of financial statements or collateral matters. Pending SARFAESI action or DRT proceedings cannot be used as extraneous grounds to reject a complete application. Rejection on such grounds was held to exceed jurisdiction, and the application had to be reconsidered for admission in accordance with law. en-us Wed, 20 Jan 2021 00:00:00 +0530 Mon, 08 Mar 2021 12:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403220 In a section 10 Insolvency and Bankruptcy Code application, the adjudicating authority's scrutiny is confined to whether the application is complete, debt and default are shown, and the corporate applicant is not disqualified under section 11. Rule 7 of the Application to Adjudicating Authority Rules only prescribes the filing form and does not permit a wider merits-based examination of financial statements or collateral matters. Pending SARFAESI action or DRT proceedings cannot be used as extraneous grounds to reject a complete application. Rejection on such grounds was held to exceed jurisdiction, and the application had to be reconsidered for admission in accordance with law. Case-Laws Insolvency and Bankruptcy Wed, 20 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403220