Analysis of Section 7(5) of IBC in light of Vidharbha Industries Power Limited V/s Axis Bank case
3D tests to be followed by Adjudicating authority while admitting application for initiation of Corporate Insolvency Resolution Process(CIRP) by a corporate debtor. A financial creditor may under Section 7 of the 2016 Insolvency and Bankruptcy Code file an application before the adjudicating authority for initiation of the Corporate Insolvency Resolution Process(CIRP). Section 7(5)(a) states that …