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Debt that bears interest payable as consideration for time value of money is financial debt

January 24, 2020[2020] 113 108 (NCLT - New Delhi)

IBC : Where interest was to be paid as consideration for time value of money, that was received as long term borrowing, debt including principal and interest would fall within purview of financial debt

IBC : Pendency of any legal proceedings including company petition under sections 241 and 242 of Companies Act, 2013 cannot be an impediment or bar to initiate CIRP

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