https://www.taxtmi.com/caselaws?id=305399 A complete section 7 application under the Insolvency and Bankruptcy Code, 2016, supported by loan documents, account statements and SARFAESI notices, was treated as sufficient to show financial debt and default where the corporate debtor did not effectively dispute liability. Pending proceedings before the Debt Recovery Tribunal were held not to bar initiation of insolvency resolution, as the Code operates with overriding effect. On satisfaction of the admission requirements, the petition was admitted and the statutory consequences followed, including appointment of the interim resolution professional, public announcement, invitation of claims and commencement of moratorium under section 14. en-us Thu, 21 Dec 2017 00:00:00 +0530 Sat, 03 Dec 2022 05:00:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305399 A complete section 7 application under the Insolvency and Bankruptcy Code, 2016, supported by loan documents, account statements and SARFAESI notices, was treated as sufficient to show financial debt and default where the corporate debtor did not effectively dispute liability. Pending proceedings before the Debt Recovery Tribunal were held not to bar initiation of insolvency resolution, as the Code operates with overriding effect. On satisfaction of the admission requirements, the petition was admitted and the statutory consequences followed, including appointment of the interim resolution professional, public announcement, invitation of claims and commencement of moratorium under section 14. Case-Laws Insolvency and Bankruptcy Thu, 21 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305399