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Interest bearing advance made by financial creditor to keep corporate debtor running was financial debt

February 6, 2020[2020] 113 taxmann.com 489 (NCL-AT)
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IBC : Where financial creditor gave advance to corporate debtor to keep corporate debtor running to assure supply of future raw material by corporate debtor and interest was payable on said amount, it was clearly a case of borrowing/lending for time value of money and corporate debtor having failed to pay amount due, CIRP application under section 7 was maintainable

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