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CIRP to be initiated when corporate debtor expressed inability to repay loan

November 30, 2019[2019] 111 113 (NCLT- Chennai )

IBC : Where financial creditor advanced loan to corporate debtor to tide over its financial constraints and, on demand notice, corporate debtor stated that financial position of corporate debtor had come down and, thus, it was not in a position to repay, CIRP petition was to be admitted

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