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It is not mandatory for financial creditors to submit financial information to Information Utility: Calcutta HC

October 9, 2020[2020] 120 taxmann.com 127 (Calcutta)
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IBC : Financial creditors can rely on either of modes of evidences at hand to showcase a financial debt, that is, either a record of default from Information Utility (IU) or any other document as specified which proves existence of a financial debt. Heading of a section does not necessarily limit section. However, all factors being taken in consonance and on a harmonious reading of section 215 read with section 7, it is concluded that legislature did not intend to make it mandatory for financial creditors to submit financial information to IU. It may therefore be inferred that Section 215 is not mandatory in nature

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