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Insolvency plea was to be dismissed when amount was repaid to financial creditor: NCLT

February 7, 2019[2019] 101 419 (NCLT- Chennai )

IBC: Where application under section 7 was filed against respondent company, in view of fact that monies were advanced to proprietorship firm owned by 'R' who was director of respondent company and not to respondent and moreover said amount was repaid by proprietorship firm to financial creditors, application to initiate CIRP against respondent was to be dismissed

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