https://www.taxtmi.com/caselaws?id=437763 Under Section 7 of the Insolvency and Bankruptcy Code, admission ordinarily follows once a financial debt and default are established; the adjudicating authority cannot refuse admission on broad equitable or contextual grounds unless the debt is not yet due or the application is otherwise defective. The article also notes that collateral disputes over bank guarantees, a secured overdraft facility, or a High Court interim restraint do not by themselves negate liability where the debtor has acknowledged the dues and the record shows default. The ratio emphasises that proof of due financial debt and default is the controlling test for admission. en-us Thu, 11 May 2023 00:00:00 +0530 Thu, 08 Jan 2026 18:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437763 Under Section 7 of the Insolvency and Bankruptcy Code, admission ordinarily follows once a financial debt and default are established; the adjudicating authority cannot refuse admission on broad equitable or contextual grounds unless the debt is not yet due or the application is otherwise defective. The article also notes that collateral disputes over bank guarantees, a secured overdraft facility, or a High Court interim restraint do not by themselves negate liability where the debtor has acknowledged the dues and the record shows default. The ratio emphasises that proof of due financial debt and default is the controlling test for admission. Case-Laws IBC Thu, 11 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437763