https://www.taxtmi.com/caselaws?id=408227 A financial creditor's Section 7 application was found maintainable where loan documents, a promissory note, a guarantee, a mortgage memorandum, account statements and NPA classification established financial debt and default; the corporate debtor's one-time settlement proposals also evidenced acknowledgment of liability, so the application was admitted and CIRP commenced. Section 10A did not bar admission because the default was found to have arisen before the COVID-19 suspension period, and the enhanced threshold did not assist the debtor since the default already exceeded the relevant limit on the filing date. en-us Wed, 24 Mar 2021 00:00:00 +0530 Fri, 04 Jun 2021 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408227 A financial creditor's Section 7 application was found maintainable where loan documents, a promissory note, a guarantee, a mortgage memorandum, account statements and NPA classification established financial debt and default; the corporate debtor's one-time settlement proposals also evidenced acknowledgment of liability, so the application was admitted and CIRP commenced. Section 10A did not bar admission because the default was found to have arisen before the COVID-19 suspension period, and the enhanced threshold did not assist the debtor since the default already exceeded the relevant limit on the filing date. Case-Laws Insolvency and Bankruptcy Wed, 24 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408227