https://www.taxtmi.com/caselaws?id=296697 A legally assigned financial debt transfers the original lender's rights, securities and guarantees to the assignee, who then qualifies as a financial creditor for a section 7 insolvency application. The charge record does not control that status where the assignment itself is valid and the assignee steps into the lender's shoes. For admission of the insolvency petition, the relevant inquiry is whether default is shown on the record, supported by admissions, account statements and invocation notices; once debt and default are established, objections that do not negate them do not prevent admission and commencement of CIRP. en-us Fri, 20 Sep 2019 00:00:00 +0530 Wed, 04 Aug 2021 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296697 A legally assigned financial debt transfers the original lender's rights, securities and guarantees to the assignee, who then qualifies as a financial creditor for a section 7 insolvency application. The charge record does not control that status where the assignment itself is valid and the assignee steps into the lender's shoes. For admission of the insolvency petition, the relevant inquiry is whether default is shown on the record, supported by admissions, account statements and invocation notices; once debt and default are established, objections that do not negate them do not prevent admission and commencement of CIRP. Case-Laws Companies Law Fri, 20 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296697