https://www.taxtmi.com/caselaws?id=424753 For admission under section 7 of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority must be satisfied from the record that a financial debt is due and default has occurred. Here, the loan and security documents were undisputed, credit facilities had been extended to the corporate debtor, the demand notice was not complied with, the one-time settlement proposal was not honoured, and the balance sheet reflected the outstanding liability. On that material, financial debt and default were established, and the petition was maintainable for commencement of corporate insolvency resolution process. en-us Fri, 24 Jun 2022 00:00:00 +0530 Fri, 08 Jul 2022 09:33:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424753 For admission under section 7 of the Insolvency and Bankruptcy Code, 2016, the adjudicating authority must be satisfied from the record that a financial debt is due and default has occurred. Here, the loan and security documents were undisputed, credit facilities had been extended to the corporate debtor, the demand notice was not complied with, the one-time settlement proposal was not honoured, and the balance sheet reflected the outstanding liability. On that material, financial debt and default were established, and the petition was maintainable for commencement of corporate insolvency resolution process. Case-Laws Insolvency and Bankruptcy Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424753