https://www.taxtmi.com/caselaws?id=792691 A Section 7 insolvency application may rest on continuing contractual default after a valid loan recall notice, even where the related arbitral award is under Section 34 challenge and execution proceedings are pending. The tribunal confined the Section 7 inquiry to the existence of debt and default, and treated the recall notice as valid because it was issued under the loan agreements on a stated material adverse effect. Limitation was also rejected because the award provided a fresh cause of action and the default remained uncured. The result was that the admission of the Section 7 applications was upheld and the appeals were dismissed. en-us Fri, 29 May 2026 00:00:00 +0530 Tue, 02 Jun 2026 08:47:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792691 A Section 7 insolvency application may rest on continuing contractual default after a valid loan recall notice, even where the related arbitral award is under Section 34 challenge and execution proceedings are pending. The tribunal confined the Section 7 inquiry to the existence of debt and default, and treated the recall notice as valid because it was issued under the loan agreements on a stated material adverse effect. Limitation was also rejected because the award provided a fresh cause of action and the default remained uncured. The result was that the admission of the Section 7 applications was upheld and the appeals were dismissed. Case-Laws IBC Fri, 29 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792691