https://www.taxtmi.com/caselaws?id=751885 For a Section 7 CIRP application, proof of financial debt and default was sufficient where the record showed a debt above the statutory threshold and supporting default history; exact mathematical precision in quantifying default was not required once the threshold was met. Classification of the loan account as NPA after sustained non-payment was treated as the relevant default date, while later partial payments and a subsequent recall notice did not displace the continuing default. Because the default pre-dated the Section 10A suspension period, the Section 10A bar did not apply and the admission of insolvency proceedings was upheld. en-us Thu, 25 Apr 2024 00:00:00 +0530 Sun, 28 Apr 2024 14:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751885 For a Section 7 CIRP application, proof of financial debt and default was sufficient where the record showed a debt above the statutory threshold and supporting default history; exact mathematical precision in quantifying default was not required once the threshold was met. Classification of the loan account as NPA after sustained non-payment was treated as the relevant default date, while later partial payments and a subsequent recall notice did not displace the continuing default. Because the default pre-dated the Section 10A suspension period, the Section 10A bar did not apply and the admission of insolvency proceedings was upheld. Case-Laws Insolvency and Bankruptcy Thu, 25 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751885