https://www.taxtmi.com/caselaws?id=304186 A section 7 insolvency petition was held maintainable because the financial creditor established default through account statements, demand and possession notices, admissions in the debtor's materials, and other contemporaneous records showing non-payment and NPA classification. The Tribunal treated the petition as complete and accepted the proposed interim resolution professional as eligible. Pending winding-up proceedings under the Companies Act did not bar initiation of insolvency because the Code has overriding effect. Clerical mistakes and technical defects in the creditor's papers, including an incorrect statutory reference, were treated as non-material and insufficient to defeat admission. The corporate insolvency resolution process was accordingly set in motion. en-us Wed, 05 Jul 2017 00:00:00 +0530 Tue, 13 Sep 2022 05:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304186 A section 7 insolvency petition was held maintainable because the financial creditor established default through account statements, demand and possession notices, admissions in the debtor's materials, and other contemporaneous records showing non-payment and NPA classification. The Tribunal treated the petition as complete and accepted the proposed interim resolution professional as eligible. Pending winding-up proceedings under the Companies Act did not bar initiation of insolvency because the Code has overriding effect. Clerical mistakes and technical defects in the creditor's papers, including an incorrect statutory reference, were treated as non-material and insufficient to defeat admission. The corporate insolvency resolution process was accordingly set in motion. Case-Laws Insolvency and Bankruptcy Wed, 05 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304186