https://www.taxtmi.com/caselaws?id=433670 Section 7 admission under the Insolvency and Bankruptcy Code turns on the existence of financial debt and default, not on the reasons for default. Loan and restructuring documents, acknowledgements of liability, and NPA classification supported the debt and default. Allegations that financial creditors did not fully disburse sanctioned amounts could not defeat admission where repayment obligations under restructuring arrangements were unconditional. Separate civil claims alleging lender breach, set-off, or counterclaims likewise did not bar insolvency admission. A complete Section 7 application must be admitted once default is established; rejection was unsustainable and the applications were required to be admitted. en-us Fri, 03 Feb 2023 00:00:00 +0530 Mon, 06 Feb 2023 22:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433670 Section 7 admission under the Insolvency and Bankruptcy Code turns on the existence of financial debt and default, not on the reasons for default. Loan and restructuring documents, acknowledgements of liability, and NPA classification supported the debt and default. Allegations that financial creditors did not fully disburse sanctioned amounts could not defeat admission where repayment obligations under restructuring arrangements were unconditional. Separate civil claims alleging lender breach, set-off, or counterclaims likewise did not bar insolvency admission. A complete Section 7 application must be admitted once default is established; rejection was unsustainable and the applications were required to be admitted. Case-Laws Insolvency and Bankruptcy Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433670