In the matter of ABC Corp. Ltd. — Order on Admission of Section 7 Application

The Tribunal considered the application filed by the financial creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application was accompanied by documentary evidence establishing the financial debt and the occurrence of default.

The Tribunal examined whether the threshold requirements under Section 7 were satisfied, including the existence of a financial debt, evidence of default, and the completeness of the application form.

After considering the submissions of both parties and reviewing the documentary evidence, the Tribunal held that the application satisfied the requirements of Section 7 and admitted the application, initiating the Corporate Insolvency Resolution Process against the corporate debtor.

The Tribunal appointed an Interim Resolution Professional and declared a moratorium under Section 14 of the Code.