https://www.taxtmi.com/caselaws?id=442462 Where debt and default are already established, an insolvency application under Section 7 of the IBC cannot be defeated by a bare allegation that it was fraudulently or maliciously initiated under Section 65. The Tribunal noted that the financial debt had been assigned by the original lender, the corporate debtor's liability was reflected in its balance sheets, and prior findings had already confirmed default. On that material, the plea of mala fide initiation failed because no specific facts showed fraudulent intent, and the admission orders were upheld as properly made. en-us Thu, 31 Aug 2023 00:00:00 +0530 Sat, 02 Sep 2023 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442462 Where debt and default are already established, an insolvency application under Section 7 of the IBC cannot be defeated by a bare allegation that it was fraudulently or maliciously initiated under Section 65. The Tribunal noted that the financial debt had been assigned by the original lender, the corporate debtor's liability was reflected in its balance sheets, and prior findings had already confirmed default. On that material, the plea of mala fide initiation failed because no specific facts showed fraudulent intent, and the admission orders were upheld as properly made. Case-Laws Insolvency and Bankruptcy Thu, 31 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442462