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2019 (4) TMI 1853 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- Section 5(7) of Insolvency and Bankruptcy Code, 2016, defines 'Financial Creditor' means any person to whom financial debt is owed and includes such person to whom such debts has been legally assigned or transferred. It is not in dispute that the Bank owes financial debt (i.e. loan advance) against the Corporate Debtor under section 7 of Insolvency & Bankruptcy Code makes it clear that Financial Creditor may file application for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor before Adjudicating Authority when default has occurred - The Financial Creditor proved that there is 'financial debt' due against the Corporate Debtor and the Corporate Debtor committed 'default' in paying financial debt. Application admitted.
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