https://www.taxtmi.com/caselaws?id=407299 A section 7 insolvency application could not be rejected for defects in the supporting affidavit or related filing irregularities, because the notarization lapse was treated as a curable procedural defect and the code required an opportunity to rectify defects before rejection. The tribunal also found that debt and default were established from the admitted credit facilities, outstanding dues, and the corporate debtor's own admissions in its counter filings. Accordingly, the statutory requirements for admission were satisfied, the application was admitted, and insolvency resolution consequences, including interim moratorium, followed. en-us Tue, 27 Apr 2021 00:00:00 +0530 Thu, 06 May 2021 08:41:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407299 A section 7 insolvency application could not be rejected for defects in the supporting affidavit or related filing irregularities, because the notarization lapse was treated as a curable procedural defect and the code required an opportunity to rectify defects before rejection. The tribunal also found that debt and default were established from the admitted credit facilities, outstanding dues, and the corporate debtor's own admissions in its counter filings. Accordingly, the statutory requirements for admission were satisfied, the application was admitted, and insolvency resolution consequences, including interim moratorium, followed. Case-Laws Insolvency and Bankruptcy Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407299