https://www.taxtmi.com/caselaws?id=414026 A section 7 Insolvency and Bankruptcy Code application was held maintainable where a sanctioned loan, repeated non-payment of interest, and recall of the facility established financial debt and default. The date of default disclosed in Part IV of Form I kept the petition within limitation, and the corporate debtor's financial distress did not negate the admitted debt. The application was also found complete, the default exceeded the statutory threshold, and the proposed interim resolution professional had filed the required consent and registration details. On that basis, the petition was admitted and CIRP against the corporate debtor was commenced. en-us Fri, 08 Oct 2021 00:00:00 +0530 Wed, 27 Oct 2021 09:19:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414026 A section 7 Insolvency and Bankruptcy Code application was held maintainable where a sanctioned loan, repeated non-payment of interest, and recall of the facility established financial debt and default. The date of default disclosed in Part IV of Form I kept the petition within limitation, and the corporate debtor's financial distress did not negate the admitted debt. The application was also found complete, the default exceeded the statutory threshold, and the proposed interim resolution professional had filed the required consent and registration details. On that basis, the petition was admitted and CIRP against the corporate debtor was commenced. Case-Laws Insolvency and Bankruptcy Fri, 08 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414026