https://www.taxtmi.com/caselaws?id=459924 A section 7 insolvency application remained maintainable despite the RBI-directed stressed-account process and prior restructuring proceedings, because those steps did not displace the financial creditor's statutory remedy. Financial debt and continuing default were found on the basis of disbursement records, repeated defaults, NPA classification, information utility material, and unpaid principal and interest; the unimplemented debt realignment plan and pending scheme for Bucket 2B facilities did not extinguish the default. Reliance on Vidarbha Industries Power Ltd. was rejected because the claimed receivables were not crystallised and did not negate proven default. The petition was admitted, CIRP was initiated, moratorium was declared, and an IRP was appointed. en-us Mon, 03 Jun 2024 00:00:00 +0530 Thu, 02 Jan 2025 12:59:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459924 A section 7 insolvency application remained maintainable despite the RBI-directed stressed-account process and prior restructuring proceedings, because those steps did not displace the financial creditor's statutory remedy. Financial debt and continuing default were found on the basis of disbursement records, repeated defaults, NPA classification, information utility material, and unpaid principal and interest; the unimplemented debt realignment plan and pending scheme for Bucket 2B facilities did not extinguish the default. Reliance on Vidarbha Industries Power Ltd. was rejected because the claimed receivables were not crystallised and did not negate proven default. The petition was admitted, CIRP was initiated, moratorium was declared, and an IRP was appointed. Case-Laws IBC Mon, 03 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459924