https://www.taxtmi.com/caselaws?id=302021 An application under section 7 of the Insolvency and Bankruptcy Code was admitted where default was supported by account statements and a banker's certificate showing overdue debt. The corporate debtor did not dispute liability in substance and merely sought more time for settlement. The Tribunal found that the debtor was not in a position to revive operations successfully or place any tangible repayment proposal before it, so the statutory requirements for admission were satisfied and the corporate insolvency resolution process was initiated. en-us Fri, 18 Oct 2019 00:00:00 +0530 Sat, 30 Apr 2022 20:32:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=302021 An application under section 7 of the Insolvency and Bankruptcy Code was admitted where default was supported by account statements and a banker's certificate showing overdue debt. The corporate debtor did not dispute liability in substance and merely sought more time for settlement. The Tribunal found that the debtor was not in a position to revive operations successfully or place any tangible repayment proposal before it, so the statutory requirements for admission were satisfied and the corporate insolvency resolution process was initiated. Case-Laws Insolvency and Bankruptcy Fri, 18 Oct 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=302021