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NCLT Admits CIRP Application: Defaults on Additional and Further Loans Lead to Section 7 Filing Despite Principal Loan Compliance.

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....Initiation of CIRP - NCLT admitted the application - The event of default had not occurred with Principal Loan, the event of default did occur for Additional Loan and Further Loan on 27.11.2021 giving right to the Financial Creditor to file Section 7 application in January, 2022. - The submission of the Appellant that no event of default took place in loan cannot be accepted. - AT....

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