https://www.taxtmi.com/caselaws?id=461484 NCLT Mumbai admitted a Section 7 application for initiation of CIRP against the corporate debtor. The tribunal held that the debt qualified as "financial debt" under Section 5(8) of IBC and established default under Section 3(12). Evidence showed the creditor had sanctioned and disbursed the loan but debtor failed to repay. The application was complete in all respects with proper consent from proposed IRP. Since default was admitted by debtor and creditor had not received outstanding debt, the petition deserved admission. en-us Tue, 06 Feb 2018 00:00:00 +0530 Tue, 08 Apr 2025 21:49:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461484 NCLT Mumbai admitted a Section 7 application for initiation of CIRP against the corporate debtor. The tribunal held that the debt qualified as "financial debt" under Section 5(8) of IBC and established default under Section 3(12). Evidence showed the creditor had sanctioned and disbursed the loan but debtor failed to repay. The application was complete in all respects with proper consent from proposed IRP. Since default was admitted by debtor and creditor had not received outstanding debt, the petition deserved admission. Case-Laws IBC Tue, 06 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461484