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NCLT Admits CIRP Application Based on Rs. 6 Crore Operational Debt from 2015 Memorandum of Understanding.
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....Initiation of CIRP - In the instant case, the covenants as mentioned in the Memorandum of Understanding dated 08.06.2015 clearly mentions and admits that the payment of ₹ 6 Crores is a liability on the part of the Corporate Debtor for the services rendered. Therefore, the definition of “Operational Debt” clearly attracts in the instant case, since the Respondent had provided services and in consideration thereof the Corporate Debtor admit its liabilities for the said services. - NCLT rightly admitted the application - AT....