TMI BlogInitiation of CIRP - the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the...Initiation of CIRP - the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the Code. It has also been established that there is a "Default" as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e. existence of 'debt' and 'default', for admission of a petition under section 7 of the I&B Code, have been met in this case.- Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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