https://www.taxtmi.com/caselaws?id=414030 Pendency of SARFAESI proceedings does not bar initiation of corporate insolvency resolution under section 7 of the Insolvency and Bankruptcy Code because the Code has overriding effect and serves corporate resolution rather than mere debt recovery. Financial debt and default are established where financial assistance was advanced, the account became non-performing, and the debt remained unpaid; collateral disputes and SARFAESI possession do not extinguish borrower liability. Section 10A does not exclude defaults arising before its statutory suspension period. Consequently, a complete section 7 application satisfying debt and default requirements is maintainable and may be admitted. en-us Mon, 25 Oct 2021 00:00:00 +0530 Wed, 27 Oct 2021 09:19:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414030 Pendency of SARFAESI proceedings does not bar initiation of corporate insolvency resolution under section 7 of the Insolvency and Bankruptcy Code because the Code has overriding effect and serves corporate resolution rather than mere debt recovery. Financial debt and default are established where financial assistance was advanced, the account became non-performing, and the debt remained unpaid; collateral disputes and SARFAESI possession do not extinguish borrower liability. Section 10A does not exclude defaults arising before its statutory suspension period. Consequently, a complete section 7 application satisfying debt and default requirements is maintainable and may be admitted. Case-Laws Insolvency and Bankruptcy Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414030