https://www.taxtmi.com/caselaws?id=298397 A government-created trust notified as a financial institution was found competent to maintain a section 7 application under the Insolvency and Bankruptcy Code, and the challenge to its locus and signatory authorisation was rejected. On limitation, the record did not show acknowledgements extending time, but the prior Debt Recovery Tribunal order was treated as supporting the enforceability of the debt for admission, so the limitation plea failed. The section 7 application was admitted, moratorium was ordered, and an interim resolution professional was appointed, commencing corporate insolvency resolution against the corporate debtor. en-us Sat, 25 Jan 2020 00:00:00 +0530 Sat, 30 Oct 2021 08:05:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298397 A government-created trust notified as a financial institution was found competent to maintain a section 7 application under the Insolvency and Bankruptcy Code, and the challenge to its locus and signatory authorisation was rejected. On limitation, the record did not show acknowledgements extending time, but the prior Debt Recovery Tribunal order was treated as supporting the enforceability of the debt for admission, so the limitation plea failed. The section 7 application was admitted, moratorium was ordered, and an interim resolution professional was appointed, commencing corporate insolvency resolution against the corporate debtor. Case-Laws Insolvency and Bankruptcy Sat, 25 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298397