https://www.taxtmi.com/caselaws?id=424246 A section 7 application was examined on the basis of a sanctioned loan, disbursement, repayment terms and subsequent non-payment. The tribunal treated the decisive inquiry as whether a financial debt existed and whether default had occurred. The corporate debtor's objections regarding notices and related proceedings did not displace the documentary record, including admissions of inability to repay and requests for time. On that basis, the tribunal found that absence of default was not established and admitted the application, ordering commencement of corporate insolvency resolution process. en-us Mon, 13 Jun 2022 00:00:00 +0530 Sat, 25 Jun 2022 09:19:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424246 A section 7 application was examined on the basis of a sanctioned loan, disbursement, repayment terms and subsequent non-payment. The tribunal treated the decisive inquiry as whether a financial debt existed and whether default had occurred. The corporate debtor's objections regarding notices and related proceedings did not displace the documentary record, including admissions of inability to repay and requests for time. On that basis, the tribunal found that absence of default was not established and admitted the application, ordering commencement of corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Mon, 13 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424246