https://www.taxtmi.com/caselaws?id=417255 For admission of a section 7 insolvency application, the adjudicating authority must be satisfied about a debt due and payable, a default, and admissible proof of that default. A challenge to classification of the account as a non-performing asset does not by itself negate default or bar CIRP where the debt remained unpaid and the default was reflected in the information utility record. On limitation, the three-year period under section 238A of the Insolvency and Bankruptcy Code read with article 137 of the Limitation Act was applied, and the application filed within that period was found to be in time. The admission order was therefore affirmed. en-us Tue, 18 Jan 2022 00:00:00 +0530 Tue, 18 Jan 2022 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417255 For admission of a section 7 insolvency application, the adjudicating authority must be satisfied about a debt due and payable, a default, and admissible proof of that default. A challenge to classification of the account as a non-performing asset does not by itself negate default or bar CIRP where the debt remained unpaid and the default was reflected in the information utility record. On limitation, the three-year period under section 238A of the Insolvency and Bankruptcy Code read with article 137 of the Limitation Act was applied, and the application filed within that period was found to be in time. The admission order was therefore affirmed. Case-Laws Insolvency and Bankruptcy Tue, 18 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417255