https://www.taxtmi.com/caselaws?id=299961 Once a financial creditor establishes financial debt, default, and completeness of a section 7 application under the Insolvency and Bankruptcy Code, the adjudicating authority must admit the petition. Objections based on financial hardship, pending DRT proceedings, alleged excess interest, or other disputes do not defeat admission at that stage because the inquiry is limited to default and procedural completeness. The proposed interim resolution professional was found eligible and free from disciplinary proceedings, so the application satisfied the admission requirements. The petition was admitted, the corporate insolvency resolution process was initiated, and moratorium under section 14 followed. en-us Wed, 20 Feb 2019 00:00:00 +0530 Fri, 07 Jan 2022 08:47:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=299961 Once a financial creditor establishes financial debt, default, and completeness of a section 7 application under the Insolvency and Bankruptcy Code, the adjudicating authority must admit the petition. Objections based on financial hardship, pending DRT proceedings, alleged excess interest, or other disputes do not defeat admission at that stage because the inquiry is limited to default and procedural completeness. The proposed interim resolution professional was found eligible and free from disciplinary proceedings, so the application satisfied the admission requirements. The petition was admitted, the corporate insolvency resolution process was initiated, and moratorium under section 14 followed. Case-Laws Insolvency and Bankruptcy Wed, 20 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=299961