https://www.taxtmi.com/caselaws?id=295854 Pendency of SARFAESI or other parallel recovery proceedings does not bar admission of a Section 7 insolvency application, because the Insolvency and Bankruptcy Code operates with overriding effect under Section 238. The Tribunal also reiterated that, for admission, the adjudicating authority need only verify the existence of financial debt, default, completeness of the application, and eligibility of the proposed interim resolution professional. On the facts, loan records, account statements, balance sheets, CIBIL material and liability confirmations were treated as sufficient proof of financial debt and default, and the application was found complete. The corporate insolvency process was therefore admitted, moratorium declared, and the proposed interim resolution professional appointed. en-us Thu, 27 Sep 2018 00:00:00 +0530 Wed, 23 Jun 2021 10:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=295854 Pendency of SARFAESI or other parallel recovery proceedings does not bar admission of a Section 7 insolvency application, because the Insolvency and Bankruptcy Code operates with overriding effect under Section 238. The Tribunal also reiterated that, for admission, the adjudicating authority need only verify the existence of financial debt, default, completeness of the application, and eligibility of the proposed interim resolution professional. On the facts, loan records, account statements, balance sheets, CIBIL material and liability confirmations were treated as sufficient proof of financial debt and default, and the application was found complete. The corporate insolvency process was therefore admitted, moratorium declared, and the proposed interim resolution professional appointed. Case-Laws Insolvency and Bankruptcy Thu, 27 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=295854