Creditors Can Start Insolvency Proceedings if Company Defaults on Debt Repayment, Reflecting in Financial Records.

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....When a Company is unable to pay the debt or refuse to pay the debt, the financial creditor or the operational creditor, as the case may be, can initiate insolvency proceedings since the corporate debtor defaulted in repaying the debt admittedly showing in the financial statement of the debtor Company, this application deserves admission.....