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Liquidation process have to be initiated in accordance with provision of Section 33 only on failure of a resolution

September 15, 2020[2020] 119 139 (NCLT - New Delhi)

IBC: It is only on failure of a resolution that liquidation process may have to be initiated in accordance with provisions of section 33

IBC: Pendency of any proceeding much less before DRT would not create a bar for initiation of Corporate Insolvency Resolution Process against a corporate debtor

IBC: Tribunal is not an Adjudicating Authority to ascertain quantum of amount of default or to pass decree as to how much amount is actually due to financial creditor; where a default has occurred and application under sub-section (2) of section 7 is complete, CIRP petition filed by financial creditor was to be admitted

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