https://www.taxtmi.com/caselaws?id=417667 Proof of financial debt and default under the Insolvency and Bankruptcy Code, 2016 justified admission of the section 7 application. Balance-sheet entries and other material showed unsecured loans advanced by the financial creditor and remained unpaid despite opportunities to repay, so the statutory requirements for commencement of CIRP were met. The Tribunal therefore admitted the petition, initiated insolvency proceedings against the corporate debtor, and imposed the statutory moratorium under section 14. The interim resolution professional was directed to perform the functions under the Code. en-us Wed, 12 Jan 2022 00:00:00 +0530 Sat, 29 Jan 2022 08:42:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417667 Proof of financial debt and default under the Insolvency and Bankruptcy Code, 2016 justified admission of the section 7 application. Balance-sheet entries and other material showed unsecured loans advanced by the financial creditor and remained unpaid despite opportunities to repay, so the statutory requirements for commencement of CIRP were met. The Tribunal therefore admitted the petition, initiated insolvency proceedings against the corporate debtor, and imposed the statutory moratorium under section 14. The interim resolution professional was directed to perform the functions under the Code. Case-Laws Insolvency and Bankruptcy Wed, 12 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417667