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CIRP plea dismissed against corporate debtor as liability with regard to indemnity right couldn’t be quantified : NCLT

April 6, 2021[2021] 125 397 (NCLT - Indore)

IBC : Where corporate debtor signed a sponsorship support agreement with financial creditors for loan granted to its SPV and agreed to pay shortfall amount in case payment received by SPV after termination of project was insufficient to repay debt, right of indemnity would arise only in case of such shortfall; since liability could not be determined at time of filing CIRP against corporate debtor, such application was to be dismissed

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