https://www.taxtmi.com/caselaws?id=408270 For admission of a section 7 insolvency application, the relevant enquiry is proof of default in payment of financial debt. Execution of loan and security documents, disbursement of facilities, and authentication by the information utility established default; the dispute over NPA classification and the DRT/SARFAESI proceedings did not displace the unpaid debt or bar insolvency remedies. The limitation objection also failed because the default date recorded by the information utility placed the application within time. The application was admitted, the corporate insolvency resolution process commenced, moratorium followed, and an interim resolution professional was appointed. en-us Mon, 24 May 2021 00:00:00 +0530 Sat, 05 Jun 2021 10:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408270 For admission of a section 7 insolvency application, the relevant enquiry is proof of default in payment of financial debt. Execution of loan and security documents, disbursement of facilities, and authentication by the information utility established default; the dispute over NPA classification and the DRT/SARFAESI proceedings did not displace the unpaid debt or bar insolvency remedies. The limitation objection also failed because the default date recorded by the information utility placed the application within time. The application was admitted, the corporate insolvency resolution process commenced, moratorium followed, and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Mon, 24 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408270