Corporate Insolvency Resolution Process: Retention Money Classified as Debt and Default u/s 3(11) Definition.

Initiation of CIRP - The debt has been defined in Section 3(11) means a liability or obligation in respect of a claim which is due from any person and includes a Financial Debt and Operational Debt - In view of the definition of debt and default, the retention money, which is part of the main bill, comes under the definition of debt and default. - AT .....

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