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        Case ID :
        Insolvency and Bankruptcy

        Initiation of CIRP - It is also an admitted fact that there are...

        CIRP Application Rejected: Insufficient Proof of Financial Creditor Status and Debt Under IBC Sections 5(8) and 3(12.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Initiation of CIRP - It is also an admitted fact that there are no documents/records to prove that the Appellant is a Financial Creditor. The Appellant stated that the Audited Balance Sheets and other documents mentioned in para 8 of Part-V of the Application prove beyond doubt that two ingredients of IBC Application i.e. Debt and Default are fully stratified. Meaning thereby, there was no Financial Debt defined under Section 5(8) of IBC - the audited Balance Sheets also do not prove the existence of financial debt and default defined under Section 3(12) of IBC. - Application was rightly rejected by the NCLT - AT
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