https://www.taxtmi.com/caselaws?id=296736 A Section 7 Insolvency and Bankruptcy Code application was examined on three points: authorisation, limitation, and default. The bank officer was treated as duly empowered to file the petition because the authorisation covered insolvency proceedings on behalf of the bank. Limitation was held to be extended by an acknowledgment of debt signed by directors of the corporate debtor, so the filing was treated as within time. Documentary evidence was found sufficient to establish financial default and the application was considered complete, leading to admission of the insolvency petition, commencement of moratorium, and appointment of an interim resolution professional. en-us Fri, 18 Dec 2020 00:00:00 +0530 Thu, 05 Aug 2021 08:43:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296736 A Section 7 Insolvency and Bankruptcy Code application was examined on three points: authorisation, limitation, and default. The bank officer was treated as duly empowered to file the petition because the authorisation covered insolvency proceedings on behalf of the bank. Limitation was held to be extended by an acknowledgment of debt signed by directors of the corporate debtor, so the filing was treated as within time. Documentary evidence was found sufficient to establish financial default and the application was considered complete, leading to admission of the insolvency petition, commencement of moratorium, and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Fri, 18 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296736