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CIRP plea rightly admitted against corporate debtor as it defaulted in repayment of loan

September 2, 2020[2020] 118 457 (NCL-AT)

IBC: Where corporate debtor availed loan from financial creditor and defaulted in repayment, thus, there being debt and due, CIR application had rightly been admitted against it

IBC: Where debt due and payable was above Rs. 1 lakh, application for CIRP could be filed before Adjudicating Authority i.e, NCLT and not any other fora

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