https://www.taxtmi.com/caselaws?id=422321 Pendency of SARFAESI, DRT or benami proceedings does not, by itself, bar initiation of insolvency proceedings under the Insolvency and Bankruptcy Code, which operates with overriding effect over inconsistent laws. The financial debt and default were treated as established on the creditor's application and the corporate debtor's admission of the credit facilities and collateral. The application was also within the three-year limitation period counted from the date of default. The admission order was found reasoned and free from legal or factual infirmity, so no appellate interference was warranted. en-us Wed, 11 May 2022 00:00:00 +0530 Fri, 13 May 2022 07:50:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422321 Pendency of SARFAESI, DRT or benami proceedings does not, by itself, bar initiation of insolvency proceedings under the Insolvency and Bankruptcy Code, which operates with overriding effect over inconsistent laws. The financial debt and default were treated as established on the creditor's application and the corporate debtor's admission of the credit facilities and collateral. The application was also within the three-year limitation period counted from the date of default. The admission order was found reasoned and free from legal or factual infirmity, so no appellate interference was warranted. Case-Laws Insolvency and Bankruptcy Wed, 11 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422321