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CIRP dismissed when financial creditor failed to place on record of any financial contract on agreement related to loan

March 20, 2020[2020] 117 581 (NCLT- Chennai )

IBC: Where financial creditor had not placed on record any Financial Contract or agreeement in pursuance of which loan was disbursed to corporate debtor and in absence thereof, default on part of corporate debtor could not be ascertained, application filed by financial creditor to initiate corporate insolvency resolution process (CIRP) against corporate debtor was to be dismissed

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