https://www.taxtmi.com/caselaws?id=420186 An application under Section 7 of the Insolvency and Bankruptcy Code may be admitted where the record shows financial debt, default, and a complete application. On the facts noted, credit sanction and disbursement, security creation, non-performing classification, account statements, and persistent non-payment established debt and default, so the application was treated as admissible. The proposed interim resolution professional was eligible because consent was filed in the prescribed form and no disciplinary proceedings were pending. Upon admission, moratorium under Section 14 operated, barring suits, enforcement actions, transfer of assets, and recovery proceedings, and the interim resolution professional was to take charge of the process and protect the debtor's assets. en-us Fri, 25 Mar 2022 00:00:00 +0530 Tue, 29 Mar 2022 08:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420186 An application under Section 7 of the Insolvency and Bankruptcy Code may be admitted where the record shows financial debt, default, and a complete application. On the facts noted, credit sanction and disbursement, security creation, non-performing classification, account statements, and persistent non-payment established debt and default, so the application was treated as admissible. The proposed interim resolution professional was eligible because consent was filed in the prescribed form and no disciplinary proceedings were pending. Upon admission, moratorium under Section 14 operated, barring suits, enforcement actions, transfer of assets, and recovery proceedings, and the interim resolution professional was to take charge of the process and protect the debtor's assets. Case-Laws Insolvency and Bankruptcy Fri, 25 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420186