https://www.taxtmi.com/caselaws?id=430441 Where a Section 7 application under the Insolvency and Bankruptcy Code is complete and the record shows financial debt and default, the Adjudicating Authority must admit the petition and commence the Corporate Insolvency Resolution Process. The corporate debtor had availed financial facilities, the outstanding liability had become due, and the account was classified as a non-performing asset; it remained ex parte and produced no material to dispute debt or default. The application satisfied statutory requirements, no disciplinary proceedings were pending against the proposed resolution professional, and the moratorium was declared with appointment of the Interim Resolution Professional. en-us Tue, 15 Nov 2022 00:00:00 +0530 Tue, 18 Apr 2023 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430441 Where a Section 7 application under the Insolvency and Bankruptcy Code is complete and the record shows financial debt and default, the Adjudicating Authority must admit the petition and commence the Corporate Insolvency Resolution Process. The corporate debtor had availed financial facilities, the outstanding liability had become due, and the account was classified as a non-performing asset; it remained ex parte and produced no material to dispute debt or default. The application satisfied statutory requirements, no disciplinary proceedings were pending against the proposed resolution professional, and the moratorium was declared with appointment of the Interim Resolution Professional. Case-Laws Insolvency and Bankruptcy Tue, 15 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430441