Appellant proved continuous loan defaults by Respondent post IBC suspension. Debt admitted. Default date justified insolvency plea u/s 7. Appeal allowed.

Appellant proved continuous loan defaults by Respondent post IBC suspension. Debt admitted. Default date justified insolvency plea u/s 7. Appeal allowed. https://www.taxtmi.com/highlights?id=79310 The Appellant (SIDBI) had established a clear case of continuous defaults by the Respondent (Sambandh Finserve Private Limited) in loan repayment post the suspension period u/s 10A of the IBC. The Respondent admitted the debt and default, and the consistent default date of 10.07.2021 in the fresh application substantiated the Appellant's claim. Each failure to pay an installment constituted a fresh default, justifying initiation of insolvency proceedings u/s 7 of the IBC. The Appeal was allowed, admitting the application for Corporate Insolvency Resolution Process against the Respondent. en-us Thu, 11 Jul 2024 08:36:33 +0530 Thu, 11 Jul 2024 08:36:33 +0530 TaxTMI RSS Generator Appellant proved continuous loan defaults by Respondent post IBC suspension. Debt admitted. Default date justified insolvency plea u/s 7. Appeal allowed. https://www.taxtmi.com/highlights?id=79310 The Appellant (SIDBI) had established a clear case of continuous defaults by the Respondent (Sambandh Finserve Private Limited) in loan repayment post the suspension period u/s 10A of the IBC. The Respondent admitted the debt and default, and the consistent default date of 10.07.2021 in the fresh application substantiated the Appellant's claim. Each failure to pay an installment constituted a fresh default, justifying initiation of insolvency proceedings u/s 7 of the IBC. The Appeal was allowed, admitting the application for Corporate Insolvency Resolution Process against the Respondent. Highlights Insolvency and Bankruptcy Thu, 11 Jul 2024 08:36:33 +0530 https://www.taxtmi.com/highlights?id=79310