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IBC - Highlights / Catch Notes

Home Highlights December 2021 Year 2021 This

Initiation of CIRP - NCLT rejected the application - Words ‘if ...

Insolvency and Bankruptcy

December 24, 2021

Initiation of CIRP - NCLT rejected the application - Words ‘if any’ after the word interest clearly indicates that it is not mandatory that debt should be alongwith interest in all cases - the consideration of the balance sheet for Financial Year 2016-17 may also be relevant for determining as to whether there was a financial debt or not. Thus, by taking into consideration the Balance Sheet, the Adjudicating Authority can re-consider the question of Applicant being Financial Creditor or not. - AT

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