CIRP begins as debt qualifies as "Financial Debt" under IBC Section 5(8) and default confirmed u/s 3(12).

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Full Text of the Document

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....Initiation of CIRP - the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the Code. It has also been established that there is a "Default" as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e. existence of 'debt' and 'default', for admission of a petition under section 7 of the I&B Code, have been met in this case.- Tri....