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CIRP plea u/s 7 was premature when creditor had option to recover loan by disposing of secured assets

July 21, 2020[2020] 117 673 (NCLT-Beng.)

IBC: Where financial creditor had disbursed loan to corporate debtor against a security of mortgaged land which was more than three times principal amount owed to it and had option to recover disbursed loan by disposing of above secured assets; financial creditor not having exhausted remedy available to it as per as per terms of loan, petition filed by financial creditor, under section 7 against corporate debtor was premature

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