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Court Confirms Debt Legally Recoverable, Initiates Corporate Insolvency Resolution Process Despite Debtor's Opposition.
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....Initiation of CIRP - the Financial Creditor is trying to recover his dues through various legal actions which was being contested by the Corporate Debtor at every stage. In the absence of any adverse order in the above proceedings and after thoroughly perusing the documents executed by the Corporate Debtor with the Financial Creditor, the debt in question is legally recoverable debt and therefore reject the contention that respondent company is not a Corporate Debtor as there is no legally recoverable debt. - Tri....