https://www.taxtmi.com/caselaws?id=415059 Section 7 CIRP initiation was unavailable where secured debenture documents required enforcement of an English mortgage through agreed contractual remedies before recourse to insolvency. The mortgage transferred secured property to the debenture trustee for debenture holders and provided for sale, appointment of a receiver, and reconveyance after satisfaction of secured obligations. Read with the statutory concept of an English mortgage, this structure required the creditor to proceed first against the mortgaged assets. Mere non-payment, without exhausting the agreed security-enforcement mechanism, did not constitute default for Section 7 purposes; the CIRP petition was therefore rejected. en-us Thu, 07 Oct 2021 00:00:00 +0530 Thu, 25 Nov 2021 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415059 Section 7 CIRP initiation was unavailable where secured debenture documents required enforcement of an English mortgage through agreed contractual remedies before recourse to insolvency. The mortgage transferred secured property to the debenture trustee for debenture holders and provided for sale, appointment of a receiver, and reconveyance after satisfaction of secured obligations. Read with the statutory concept of an English mortgage, this structure required the creditor to proceed first against the mortgaged assets. Mere non-payment, without exhausting the agreed security-enforcement mechanism, did not constitute default for Section 7 purposes; the CIRP petition was therefore rejected. Case-Laws Insolvency and Bankruptcy Thu, 07 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415059