https://www.taxtmi.com/caselaws?id=422541 A financial creditor's Section 7 application under the Insolvency and Bankruptcy Code was treated as within limitation on the basis of the undertaking, account statements and other documentary evidence showing default. The tribunal found the application complete, noted the corporate debtor's acknowledgment of liability, verified the creditor's secured status in the debtor's records, and accepted that no disciplinary proceeding was pending against the proposed interim resolution professional. The statutory requirements for admission were therefore satisfied, leading to commencement of corporate insolvency resolution, declaration of moratorium, and appointment of the interim resolution professional to take further steps under the Code. en-us Tue, 26 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 08:55:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422541 A financial creditor's Section 7 application under the Insolvency and Bankruptcy Code was treated as within limitation on the basis of the undertaking, account statements and other documentary evidence showing default. The tribunal found the application complete, noted the corporate debtor's acknowledgment of liability, verified the creditor's secured status in the debtor's records, and accepted that no disciplinary proceeding was pending against the proposed interim resolution professional. The statutory requirements for admission were therefore satisfied, leading to commencement of corporate insolvency resolution, declaration of moratorium, and appointment of the interim resolution professional to take further steps under the Code. Case-Laws Insolvency and Bankruptcy Tue, 26 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422541