https://www.taxtmi.com/caselaws?id=433670 A Section 7 application under the Insolvency and Bankruptcy Code is to be admitted once financial debt and default are established, and the inquiry does not extend to why the default occurred. Allegations that lenders did not fully disburse the sanctioned amount do not defeat admission where the borrower's repayment obligation under restructuring documents is unconditional. A separate civil suit by the corporate debtor, including claims of lender breach, set-off, or counterclaim, is not a ground to refuse admission if the petition is otherwise complete. On that basis, the note states that rejection of the Section 7 applications was unsustainable. 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 A Section 7 application under the Insolvency and Bankruptcy Code is to be admitted once financial debt and default are established, and the inquiry does not extend to why the default occurred. Allegations that lenders did not fully disburse the sanctioned amount do not defeat admission where the borrower's repayment obligation under restructuring documents is unconditional. A separate civil suit by the corporate debtor, including claims of lender breach, set-off, or counterclaim, is not a ground to refuse admission if the petition is otherwise complete. On that basis, the note states that rejection of the Section 7 applications was unsustainable. Case-Laws Insolvency and Bankruptcy Fri, 03 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433670