https://www.taxtmi.com/caselaws?id=416937 A financial creditor may independently file a Section 7 application under the Insolvency and Bankruptcy Code even when it is part of a consortium, because the statute permits filing by a creditor acting singly or jointly. The Tribunal also found that the borrower's liability, acknowledgment of outstanding dues, account classification as NPA, and recovery steps established debt and default on the record. As those requirements were satisfied, the Section 7 petition was admitted, moratorium was ordered, and an interim resolution professional was appointed for the corporate debtor. en-us Thu, 30 Dec 2021 00:00:00 +0530 Wed, 12 Jan 2022 08:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416937 A financial creditor may independently file a Section 7 application under the Insolvency and Bankruptcy Code even when it is part of a consortium, because the statute permits filing by a creditor acting singly or jointly. The Tribunal also found that the borrower's liability, acknowledgment of outstanding dues, account classification as NPA, and recovery steps established debt and default on the record. As those requirements were satisfied, the Section 7 petition was admitted, moratorium was ordered, and an interim resolution professional was appointed for the corporate debtor. Case-Laws Insolvency and Bankruptcy Thu, 30 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416937