https://www.taxtmi.com/caselaws?id=298460 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable on documentary proof of financial debt and default. Loan sanction papers, the loan agreement, acknowledgments, account statements, default computation, and the NPA record established the debt and non-payment. The objection that the facility had been advanced only to a trust was rejected because the corporate debtor had jointly executed the loan arrangement. The mismatch in the default date was treated as a typographical error, and the application was held to be within limitation. CIRP was initiated and an Interim Resolution Professional was appointed. en-us Thu, 24 Oct 2019 00:00:00 +0530 Wed, 03 Nov 2021 02:01:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=298460 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable on documentary proof of financial debt and default. Loan sanction papers, the loan agreement, acknowledgments, account statements, default computation, and the NPA record established the debt and non-payment. The objection that the facility had been advanced only to a trust was rejected because the corporate debtor had jointly executed the loan arrangement. The mismatch in the default date was treated as a typographical error, and the application was held to be within limitation. CIRP was initiated and an Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Thu, 24 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=298460