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Once a debt is converted into capital, same cannot be termed as ‘Financial Debt’, CIRP couldn’t be initiated: NCLAT

September 17, 2020[2020] 119 taxmann.com 200 (NCL-AT)
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IBC: Provisions of section 7 of the I&B Code, 2016 provides for initiation of CIRP by 'Financial Creditor; only and that too, if there is a 'Debt' and 'Default', however, once 'Debt' is converted into 'Capital' it cannot be termed as 'Financial Debt' and appellant cannot be described as 'Financial Creditor', thus, CIRP could not have been initiated

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