https://www.taxtmi.com/caselaws?id=296154 A Section 7 IBC application was treated as complete where the record showed loan sanction and disbursement, acceptance of terms, execution of loan and guarantee documents, acknowledgements of liability, and continuing non-payment; financial debt and default were therefore established and the petition was found maintainable for CIRP admission. Pendency of SARFAESI proceedings and a civil suit did not bar the insolvency application, because the IBC's overriding and moratorium provisions were applied to hold that parallel recovery actions do not defeat a complete Section 7 petition once debt and default are proved. The text states that insolvency proceedings were commenced and an interim resolution professional was appointed. en-us Tue, 16 Jul 2019 00:00:00 +0530 Wed, 07 Jul 2021 09:10:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296154 A Section 7 IBC application was treated as complete where the record showed loan sanction and disbursement, acceptance of terms, execution of loan and guarantee documents, acknowledgements of liability, and continuing non-payment; financial debt and default were therefore established and the petition was found maintainable for CIRP admission. Pendency of SARFAESI proceedings and a civil suit did not bar the insolvency application, because the IBC's overriding and moratorium provisions were applied to hold that parallel recovery actions do not defeat a complete Section 7 petition once debt and default are proved. The text states that insolvency proceedings were commenced and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Tue, 16 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296154