https://www.taxtmi.com/caselaws?id=762830 A banking regulator's direction to initiate CIRP was treated as relevant material in a Section 7 insolvency assessment because it was tied to the statutory concept of default under the Insolvency and Bankruptcy Code. The restructuring plan and Master Restructuring Agreement were confined to different facilities and did not cover the debt forming the Section 7 application. A pending, unimplemented Scheme of Arrangement did not suspend continuing default or bar insolvency proceedings. On the documentary record, including default computations, credit information and the debtor's OTS proposals, debt and default were established and the admission order was sustained. en-us Wed, 06 Nov 2024 00:00:00 +0530 Mon, 09 Dec 2024 08:44:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762830 A banking regulator's direction to initiate CIRP was treated as relevant material in a Section 7 insolvency assessment because it was tied to the statutory concept of default under the Insolvency and Bankruptcy Code. The restructuring plan and Master Restructuring Agreement were confined to different facilities and did not cover the debt forming the Section 7 application. A pending, unimplemented Scheme of Arrangement did not suspend continuing default or bar insolvency proceedings. On the documentary record, including default computations, credit information and the debtor's OTS proposals, debt and default were established and the admission order was sustained. Case-Laws IBC Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762830