https://www.taxtmi.com/caselaws?id=406466 A section 7 application under the Insolvency and Bankruptcy Code was found complete and maintainable because the record showed financial debt, default, and supporting loan, bank statement, and debt acknowledgement documents. The Tribunal held that default had occurred, the claim exceeded the statutory threshold, and the petition was within limitation in light of the acknowledgements relied on. It also noted that pending SARFAESI action did not bar initiation of insolvency proceedings. The application was admitted and corporate insolvency resolution process was directed to commence against the corporate debtor. en-us Wed, 07 Apr 2021 00:00:00 +0530 Thu, 15 Apr 2021 08:05:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406466 A section 7 application under the Insolvency and Bankruptcy Code was found complete and maintainable because the record showed financial debt, default, and supporting loan, bank statement, and debt acknowledgement documents. The Tribunal held that default had occurred, the claim exceeded the statutory threshold, and the petition was within limitation in light of the acknowledgements relied on. It also noted that pending SARFAESI action did not bar initiation of insolvency proceedings. The application was admitted and corporate insolvency resolution process was directed to commence against the corporate debtor. Case-Laws Insolvency and Bankruptcy Wed, 07 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406466