https://www.taxtmi.com/highlights?id=77370 Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by the respondent bank. The appellant contested the admission, citing efforts to service the debt, while the bank argued non-compliance and default on payments. The tribunal examined the submissions and found evidence supporting the bank's claims of default, including non-payment despite notices and failed settlement attempts. It upheld the adjudicating authority's decision, affirming the existence of financial debt and default, thus dismissing the appeal. en-us Mon, 13 May 2024 09:49:47 +0530 Mon, 13 May 2024 09:49:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77370 Admission of Section 7 Application - CIRP - The case involved an appeal by a suspended director of a corporate debtor against the admission of a Section 7 application by the respondent bank. The appellant contested the admission, citing efforts to service the debt, while the bank argued non-compliance and default on payments. The tribunal examined the submissions and found evidence supporting the bank's claims of default, including non-payment despite notices and failed settlement attempts. It upheld the adjudicating authority's decision, affirming the existence of financial debt and default, thus dismissing the appeal. Highlights Insolvency and Bankruptcy Mon, 13 May 2024 09:49:47 +0530 https://www.taxtmi.com/highlights?id=77370