https://www.taxtmi.com/caselaws?id=430812 In a section 7 insolvency proceeding, the Adjudicating Authority must limit itself to verifying the existence of financial debt and default from the creditor's records and evidence; it cannot turn admission into a detailed audit, reconciliation exercise, or inquiry into alleged forgery or fabrication. The record here was found to show financial debt and default through loan documents, account statements, CIBIL data, correspondence, financial statements, and admitted letters of credit. Parallel proceedings or disputed entries did not displace that material. The refusal to admit the petition was set aside, the section 7 application was restored, and CIRP was directed to proceed. en-us Mon, 28 Nov 2022 00:00:00 +0530 Mon, 28 Nov 2022 17:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430812 In a section 7 insolvency proceeding, the Adjudicating Authority must limit itself to verifying the existence of financial debt and default from the creditor's records and evidence; it cannot turn admission into a detailed audit, reconciliation exercise, or inquiry into alleged forgery or fabrication. The record here was found to show financial debt and default through loan documents, account statements, CIBIL data, correspondence, financial statements, and admitted letters of credit. Parallel proceedings or disputed entries did not displace that material. The refusal to admit the petition was set aside, the section 7 application was restored, and CIRP was directed to proceed. Case-Laws Insolvency and Bankruptcy Mon, 28 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430812