https://www.taxtmi.com/caselaws?id=421334 A complete section 10 insolvency application disclosing debt and default was found admissible for commencement of CIRP because the applicant filed the requisite books of account, the proposed interim resolution professional's consent, and the shareholders' resolution, and the account had turned non-performing. Pending SARFAESI action and proceedings before the DRT were held not to bar admission, as recovery proceedings do not prevent initiation of insolvency where the Code application is otherwise complete and its overriding effect applies. The corporate debtor was accordingly admitted into CIRP and an interim resolution professional was appointed. en-us Fri, 01 Apr 2022 00:00:00 +0530 Fri, 22 Apr 2022 08:25:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421334 A complete section 10 insolvency application disclosing debt and default was found admissible for commencement of CIRP because the applicant filed the requisite books of account, the proposed interim resolution professional's consent, and the shareholders' resolution, and the account had turned non-performing. Pending SARFAESI action and proceedings before the DRT were held not to bar admission, as recovery proceedings do not prevent initiation of insolvency where the Code application is otherwise complete and its overriding effect applies. The corporate debtor was accordingly admitted into CIRP and an interim resolution professional was appointed. Case-Laws Insolvency and Bankruptcy Fri, 01 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421334