https://www.taxtmi.com/caselaws?id=437334 In a section 7 insolvency application, the inquiry is confined to the existence of financial debt and default, and admission follows once those elements are established and the application is otherwise complete. Alleged breaches of RBI lending or priority sector guidelines were held irrelevant to admission under section 7. The date of default was found to be 31 December 2013, supported by the supplementary affidavit and repeated acknowledgments in the corporate debtor's balance-sheets. Pendency of recovery proceedings before the Debt Recovery Tribunal did not bar initiation of insolvency proceedings. The challenge to admission therefore failed and the insolvency admission was upheld. en-us Tue, 02 May 2023 00:00:00 +0530 Wed, 03 May 2023 22:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437334 In a section 7 insolvency application, the inquiry is confined to the existence of financial debt and default, and admission follows once those elements are established and the application is otherwise complete. Alleged breaches of RBI lending or priority sector guidelines were held irrelevant to admission under section 7. The date of default was found to be 31 December 2013, supported by the supplementary affidavit and repeated acknowledgments in the corporate debtor's balance-sheets. Pendency of recovery proceedings before the Debt Recovery Tribunal did not bar initiation of insolvency proceedings. The challenge to admission therefore failed and the insolvency admission was upheld. Case-Laws Insolvency and Bankruptcy Tue, 02 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437334