https://www.taxtmi.com/caselaws?id=439793 Section 7 insolvency admission depends on proof of a financial debt and default, not on a full adjudication of the underlying money dispute. The text states that the corporate debtor had availed financial facilities, the account was treated as non-performing, and later debt recovery proceedings fixed an amount payable; the operative appellate quantification left an unpaid sum above the statutory threshold. A dispute over the exact quantum did not negate debt or default. An interim High Court injunction against coercive recovery did not bar initiation of CIRP or prevent the adjudicating authority from proceeding under the IBC, because insolvency resolution is distinct from recovery litigation. The Section 7 application was therefore maintainable and the admission order was upheld. en-us Tue, 27 Jun 2023 00:00:00 +0530 Mon, 03 Jul 2023 18:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=439793 Section 7 insolvency admission depends on proof of a financial debt and default, not on a full adjudication of the underlying money dispute. The text states that the corporate debtor had availed financial facilities, the account was treated as non-performing, and later debt recovery proceedings fixed an amount payable; the operative appellate quantification left an unpaid sum above the statutory threshold. A dispute over the exact quantum did not negate debt or default. An interim High Court injunction against coercive recovery did not bar initiation of CIRP or prevent the adjudicating authority from proceeding under the IBC, because insolvency resolution is distinct from recovery litigation. The Section 7 application was therefore maintainable and the admission order was upheld. Case-Laws Insolvency and Bankruptcy Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=439793