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CIRP to be initiated as corporate debtor expressed inability to repay debt

October 4, 2019[2019] 109 344 (NCLT- Chennai )

IBC: Where corporate debtor could neither perform its obligation nor could repay amount received from operational creditor and submitted that it was not in a position to make payment of outstanding debt in near future, there was clear admission of debt; CIRP was to be initiated

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