Insolvency application u/s 7 of Code was admitted and corporate guarantees were held unconditional and invoked

JM Financial Credit Solutions Limited Vs R.M. Bhuther And Company Limited (NCLT Mumbai) Conclusion: Corporate Debtor had defaulted in repayment of financial debt to the Applicant and such default was well over the minimum threshold of Rs. 1 crore, as prescribed u/s 4 of the Code. The application filed u/s 7 of the Code was complete and there were no disciplinary proceedings pending against the proposed resolution professional. Therefore, applying the law laid down by the Hon’ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank, the instant application deserved to be admitted u/s 7(...