https://www.taxtmi.com/caselaws?id=787017 Section 7 admission depends on the existence of a financial debt and default; an alleged restructuring does not negate default unless formalised under the Debenture Trust Deed. The deed required approved debenture-holder instructions, prescribed meeting and special-resolution procedures, and written execution for amendments or waivers, while excluding implied waivers. Communications with a single debenture holder, without express authority from others or compliance with these requirements, could not modify repayment obligations. Fund releases and property transactions were attributable to independent deed provisions rather than consensual restructuring. The refusal to admit the insolvency application was set aside, and the petition was restored for admission. en-us Tue, 24 Feb 2026 00:00:00 +0530 Wed, 25 Feb 2026 07:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787017 Section 7 admission depends on the existence of a financial debt and default; an alleged restructuring does not negate default unless formalised under the Debenture Trust Deed. The deed required approved debenture-holder instructions, prescribed meeting and special-resolution procedures, and written execution for amendments or waivers, while excluding implied waivers. Communications with a single debenture holder, without express authority from others or compliance with these requirements, could not modify repayment obligations. Fund releases and property transactions were attributable to independent deed provisions rather than consensual restructuring. The refusal to admit the insolvency application was set aside, and the petition was restored for admission. Case-Laws IBC Tue, 24 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787017