Real estate project enters CIRP due to financial debt and default under Insolvency and Bankruptcy Code sections 5(8) & 3(12).

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....Initiation of CIRP - real estate project - 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....