https://www.taxtmi.com/caselaws?id=298351 Pendency of SARFAESI proceedings does not bar a Section 7 application under the Insolvency and Bankruptcy Code because the Code has overriding effect and is directed to insolvency resolution, not mere recovery. The material on record is stated to show sanction and disbursal of loan, execution of guarantee and mortgage documents, non-payment, and classification of the account as non-performing, thereby establishing financial debt and default. The objections based on set-off, possession of the secured asset, the threshold increase, and Section 10A were rejected as inapplicable on the stated facts. The application was admitted and CIRP was initiated with moratorium and appointment of an interim resolution professional. en-us Fri, 13 Nov 2020 00:00:00 +0530 Thu, 28 Oct 2021 08:38:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298351 Pendency of SARFAESI proceedings does not bar a Section 7 application under the Insolvency and Bankruptcy Code because the Code has overriding effect and is directed to insolvency resolution, not mere recovery. The material on record is stated to show sanction and disbursal of loan, execution of guarantee and mortgage documents, non-payment, and classification of the account as non-performing, thereby establishing financial debt and default. The objections based on set-off, possession of the secured asset, the threshold increase, and Section 10A were rejected as inapplicable on the stated facts. The application was admitted and CIRP was initiated with moratorium and appointment of an interim resolution professional. Case-Laws Insolvency and Bankruptcy Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298351