https://www.taxtmi.com/caselaws?id=778389 Debt and default under a Section 7 insolvency application were established through the credit disbursement record, NPA classification, demand and recall notices, the bank's statement of account, NeSL reporting, and the corporate debtor's balance confirmation. The objections based on alleged theft of records, discrepancies in the account statement, and claimed receivables were rejected for lack of reliable supporting material. Pendency of a DRT original application and any counterclaim did not bar admission of the insolvency petition, because insolvency is a distinct proceeding available to a financial creditor independently of parallel recovery litigation. The admission of the Section 7 application was therefore upheld. en-us Fri, 12 Sep 2025 00:00:00 +0530 Tue, 16 Sep 2025 09:02:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778389 Debt and default under a Section 7 insolvency application were established through the credit disbursement record, NPA classification, demand and recall notices, the bank's statement of account, NeSL reporting, and the corporate debtor's balance confirmation. The objections based on alleged theft of records, discrepancies in the account statement, and claimed receivables were rejected for lack of reliable supporting material. Pendency of a DRT original application and any counterclaim did not bar admission of the insolvency petition, because insolvency is a distinct proceeding available to a financial creditor independently of parallel recovery litigation. The admission of the Section 7 application was therefore upheld. Case-Laws IBC Fri, 12 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778389