https://www.taxtmi.com/caselaws?id=420227 The financial creditor established default through the loan documents, assignment of debt, recovery proceedings and the corporate debtor's balance sheet, and the debtor's counsel accepted that no reply was necessary because default stood admitted. On that material, the Adjudicating Authority found the section 7 admission requirements under the Insolvency and Bankruptcy Code, 2016 satisfied and held that default was proved. The proposed interim resolution professional was found eligible and appointed. The application was admitted, corporate insolvency resolution process was initiated, a moratorium under section 14 was declared, and consequential directions for public announcement and management handover were issued. en-us Tue, 22 Mar 2022 00:00:00 +0530 Wed, 30 Mar 2022 08:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420227 The financial creditor established default through the loan documents, assignment of debt, recovery proceedings and the corporate debtor's balance sheet, and the debtor's counsel accepted that no reply was necessary because default stood admitted. On that material, the Adjudicating Authority found the section 7 admission requirements under the Insolvency and Bankruptcy Code, 2016 satisfied and held that default was proved. The proposed interim resolution professional was found eligible and appointed. The application was admitted, corporate insolvency resolution process was initiated, a moratorium under section 14 was declared, and consequential directions for public announcement and management handover were issued. Case-Laws Insolvency and Bankruptcy Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420227