https://www.taxtmi.com/caselaws?id=425636 For admission of a section 7 insolvency petition, default must be proved on reliable material. Where the alleged demand letter is seriously disputed and its authenticity is under challenge in parallel proceedings, the adjudicating authority will not conduct a summary trial of contested evidence. A balance-sheet entry by itself is insufficient to establish default, and the absence of the underlying agreement for an inter-corporate deposit weakens the creditor's case. The discussion also notes the debtor's reliance on section 10A, with the unresolved authenticity dispute going to the root of maintainability. en-us Tue, 26 Jul 2022 00:00:00 +0530 Thu, 28 Jul 2022 09:11:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425636 For admission of a section 7 insolvency petition, default must be proved on reliable material. Where the alleged demand letter is seriously disputed and its authenticity is under challenge in parallel proceedings, the adjudicating authority will not conduct a summary trial of contested evidence. A balance-sheet entry by itself is insufficient to establish default, and the absence of the underlying agreement for an inter-corporate deposit weakens the creditor's case. The discussion also notes the debtor's reliance on section 10A, with the unresolved authenticity dispute going to the root of maintainability. Case-Laws Insolvency and Bankruptcy Tue, 26 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425636