https://www.taxtmi.com/caselaws?id=403959 A Section 10 insolvency application is to be tested only against the statutory requirements of debt, default, completeness of the prescribed form, and the applicant's eligibility. Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is procedural and does not authorise the Adjudicating Authority to scrutinise financial statements or enlarge the inquiry beyond Section 10 and Form 6. An application also cannot be rejected on extraneous grounds such as an alleged motive to defeat SARFAESI proceedings, where the Code's requirements are otherwise met. The ratio stated is that rejection must remain confined to the statutory scheme. en-us Wed, 20 Jan 2021 00:00:00 +0530 Thu, 11 Feb 2021 20:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403959 A Section 10 insolvency application is to be tested only against the statutory requirements of debt, default, completeness of the prescribed form, and the applicant's eligibility. Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 is procedural and does not authorise the Adjudicating Authority to scrutinise financial statements or enlarge the inquiry beyond Section 10 and Form 6. An application also cannot be rejected on extraneous grounds such as an alleged motive to defeat SARFAESI proceedings, where the Code's requirements are otherwise met. The ratio stated is that rejection must remain confined to the statutory scheme. Case-Laws Insolvency and Bankruptcy Wed, 20 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403959