https://www.taxtmi.com/caselaws?id=303593 A section 7 Insolvency and Bankruptcy Code application is timely where the asserted defaults fall within three years and liability is acknowledged, engaging Article 137 of the Limitation Act with sections 18 and 19. On the stated facts, financial assistance, availed facilities, and non-payment of principal and interest were treated as sufficient to establish financial debt and default, with no bona fide defence shown. Once the application was found complete and an eligible interim resolution professional proposed, the statutory conditions for admission were satisfied and moratorium under section 14 followed. The corporate insolvency resolution process was therefore initiated against the corporate debtor. en-us Mon, 09 Nov 2020 00:00:00 +0530 Mon, 01 Aug 2022 09:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303593 A section 7 Insolvency and Bankruptcy Code application is timely where the asserted defaults fall within three years and liability is acknowledged, engaging Article 137 of the Limitation Act with sections 18 and 19. On the stated facts, financial assistance, availed facilities, and non-payment of principal and interest were treated as sufficient to establish financial debt and default, with no bona fide defence shown. Once the application was found complete and an eligible interim resolution professional proposed, the statutory conditions for admission were satisfied and moratorium under section 14 followed. The corporate insolvency resolution process was therefore initiated against the corporate debtor. Case-Laws Insolvency and Bankruptcy Mon, 09 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303593