https://www.taxtmi.com/caselaws?id=789370 A recovery certificate issued by the DRT can crystallise a financial debt, and a Section 7 insolvency application based on that certificate is maintainable if filed within three years from the certificate date. The absence of a separately pleaded date of default does not by itself defeat maintainability where the application and supporting record disclose the debt, default, and basis of liability. Corporate guarantors remain liable on the underlying adjudicated debt, and the existence of CIRP and liquidation proceedings against the principal borrower does not negate the established default against them. en-us Mon, 06 Apr 2026 00:00:00 +0530 Wed, 08 Apr 2026 08:56:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=789370 A recovery certificate issued by the DRT can crystallise a financial debt, and a Section 7 insolvency application based on that certificate is maintainable if filed within three years from the certificate date. The absence of a separately pleaded date of default does not by itself defeat maintainability where the application and supporting record disclose the debt, default, and basis of liability. Corporate guarantors remain liable on the underlying adjudicated debt, and the existence of CIRP and liquidation proceedings against the principal borrower does not negate the established default against them. Case-Laws IBC Mon, 06 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=789370