https://www.taxtmi.com/caselaws?id=408294 A financial creditor's section 7 application under the Insolvency and Bankruptcy Code was admitted on proof of financial debt and default. Loan sanction documents, restructuring agreements, revival letters and information utility records established the debt as duly authenticated, and the account was classified as non-performing asset on 31 March 2018. The petition filed on 24 July 2020 was treated as within limitation, the debt exceeded the statutory threshold, and no defence was filed by the corporate debtor. As the default arose before the COVID-19 period, section 10A did not bar the application, and the corporate insolvency resolution process was directed to commence. en-us Tue, 20 Apr 2021 00:00:00 +0530 Tue, 16 Nov 2021 12:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408294 A financial creditor's section 7 application under the Insolvency and Bankruptcy Code was admitted on proof of financial debt and default. Loan sanction documents, restructuring agreements, revival letters and information utility records established the debt as duly authenticated, and the account was classified as non-performing asset on 31 March 2018. The petition filed on 24 July 2020 was treated as within limitation, the debt exceeded the statutory threshold, and no defence was filed by the corporate debtor. As the default arose before the COVID-19 period, section 10A did not bar the application, and the corporate insolvency resolution process was directed to commence. Case-Laws Insolvency and Bankruptcy Tue, 20 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408294