https://www.taxtmi.com/caselaws?id=301947 A section 7 insolvency application is admissible when the record shows a financial debt, default and compliance with limitation, and the application is complete for CIRP initiation. Here, the Tribunal found that the corporate debtor had availed credit facilities, the debt exceeded the statutory threshold, default occurred on 28.01.2020 and the filing was within limitation, so admission was justified. It also held that the application was duly filed by an authorised signatory, relying on SBI General Regulations, 1955 and the relevant Gazette notification empowering specified officers to sign pleadings and affidavits. The CIRP was commenced, moratorium declared and an interim resolution professional appointed. en-us Thu, 26 Aug 2021 00:00:00 +0530 Wed, 27 Apr 2022 21:34:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=301947 A section 7 insolvency application is admissible when the record shows a financial debt, default and compliance with limitation, and the application is complete for CIRP initiation. Here, the Tribunal found that the corporate debtor had availed credit facilities, the debt exceeded the statutory threshold, default occurred on 28.01.2020 and the filing was within limitation, so admission was justified. It also held that the application was duly filed by an authorised signatory, relying on SBI General Regulations, 1955 and the relevant Gazette notification empowering specified officers to sign pleadings and affidavits. The CIRP was commenced, moratorium declared and an interim resolution professional appointed. Case-Laws Insolvency and Bankruptcy Thu, 26 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=301947