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2020 (2) TMI 911 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate debtor failed to make repayment of its debt - existence of financial debt - financial creditor - HELD THAT:- In Shailesh Sangani v. Joel Cardoso [2019 (3) TMI 1192 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], passed on 30.01.2019, the Hon'ble National Company Law Appellate Tribunal, dealing with the issues of 'financial debt' and 'financial creditor' in somewhat identical circumstances held that In view of the decision of the Hon'ble National Company Law Appellate Tribunal in Shailesh Sangani case, the contention of the respondent-corporate debtor that the petitioner is not a financial creditor and the debt due is not a financial debt is also to be rejected. The application filed in the prescribed Form No. I is found to be complete - The conditions provided for in section 7(5)(a) of the Code being satisfied in the present case, the application for initiation of CIRP against White Water Hospitality Private Limited is directed to be admitted - application admitted - moratorium declared.
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