https://www.taxtmi.com/caselaws?id=462512 A section 7 Insolvency and Bankruptcy Code application was held not barred by section 10A because the relevant default is non-payment of the debt, not the date of NPA classification. The information utility record was treated as corroborative evidence of debt and default, and the financial debt was found to be disbursed against consideration for the time value of money. Non-repayment of principal and interest established default, the application was found complete and within limitation, and the statutory threshold for initiation of CIRP was satisfied. The application was therefore admitted, moratorium was declared, and an interim resolution professional was appointed. en-us Fri, 09 Jun 2023 00:00:00 +0530 Fri, 27 Jun 2025 19:01:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462512 A section 7 Insolvency and Bankruptcy Code application was held not barred by section 10A because the relevant default is non-payment of the debt, not the date of NPA classification. The information utility record was treated as corroborative evidence of debt and default, and the financial debt was found to be disbursed against consideration for the time value of money. Non-repayment of principal and interest established default, the application was found complete and within limitation, and the statutory threshold for initiation of CIRP was satisfied. The application was therefore admitted, moratorium was declared, and an interim resolution professional was appointed. Case-Laws IBC Fri, 09 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462512