https://www.taxtmi.com/caselaws?id=293998 A corporate debtor's Section 10 application under the Insolvency and Bankruptcy Code is admitted where prima facie default is shown through financial records, loan documents, guarantees, creditor claims, and an admission of inability to pay, and no statutory disqualification bars the proceeding. On the material before the Tribunal, the debtor's financial distress and default were established, the proposed Interim Resolution Professional had consented and disclosed no pending disciplinary action, and the admission requirements were met. Admission triggered the commencement of the Corporate Insolvency Resolution Process, appointment of the Interim Resolution Professional, and the statutory moratorium. en-us Mon, 14 May 2018 00:00:00 +0530 Sun, 14 Mar 2021 20:15:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293998 A corporate debtor's Section 10 application under the Insolvency and Bankruptcy Code is admitted where prima facie default is shown through financial records, loan documents, guarantees, creditor claims, and an admission of inability to pay, and no statutory disqualification bars the proceeding. On the material before the Tribunal, the debtor's financial distress and default were established, the proposed Interim Resolution Professional had consented and disclosed no pending disciplinary action, and the admission requirements were met. Admission triggered the commencement of the Corporate Insolvency Resolution Process, appointment of the Interim Resolution Professional, and the statutory moratorium. Case-Laws Insolvency and Bankruptcy Mon, 14 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293998