https://www.taxtmi.com/caselaws?id=423522 An independent financial creditor in a consortium may maintain a Section 7 insolvency application even where the lead bank has already initiated SARFAESI and DRT proceedings, because such proceedings do not bar recourse under the Insolvency and Bankruptcy Code. The tribunal also noted that the applicant had independently sanctioned credit facilities and that no stay order existed. Debt and default were treated as established where the account was classified as non-performing, recall notice remained unpaid, and the application was otherwise complete, within limitation, and supported by the required disclosures, leading to admission of the corporate insolvency resolution process. en-us Wed, 27 Apr 2022 00:00:00 +0530 Wed, 08 Jun 2022 13:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423522 An independent financial creditor in a consortium may maintain a Section 7 insolvency application even where the lead bank has already initiated SARFAESI and DRT proceedings, because such proceedings do not bar recourse under the Insolvency and Bankruptcy Code. The tribunal also noted that the applicant had independently sanctioned credit facilities and that no stay order existed. Debt and default were treated as established where the account was classified as non-performing, recall notice remained unpaid, and the application was otherwise complete, within limitation, and supported by the required disclosures, leading to admission of the corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423522