https://www.taxtmi.com/caselaws?id=305147 Operational debt and default were treated as established where the record contained invoices, agreements, a supplementary memorandum of understanding, bank statements and email communications acknowledging the outstanding balance. Service of the demand notice was shown, and no effective dispute was raised. The corporate debtor's correspondence and counsel's statements admitting the unpaid amount and seeking time for payment were relied on as clear evidence of liability and default. On that basis, the statutory requirements for admission under the insolvency framework were satisfied, and the application was admitted with commencement of the corporate insolvency resolution process and moratorium as the legal consequence. en-us Thu, 31 Mar 2022 00:00:00 +0530 Fri, 18 Nov 2022 20:30:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305147 Operational debt and default were treated as established where the record contained invoices, agreements, a supplementary memorandum of understanding, bank statements and email communications acknowledging the outstanding balance. Service of the demand notice was shown, and no effective dispute was raised. The corporate debtor's correspondence and counsel's statements admitting the unpaid amount and seeking time for payment were relied on as clear evidence of liability and default. On that basis, the statutory requirements for admission under the insolvency framework were satisfied, and the application was admitted with commencement of the corporate insolvency resolution process and moratorium as the legal consequence. Case-Laws Insolvency and Bankruptcy Thu, 31 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305147