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IDBI Bank's 'Event of Default' Invalidated, Challenging CIRP Initiation by Financial Creditors Under Inconsistent Agreements.
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....Initiation of CIRP - Financial creditors - The ‘Event of Default’ declared by the Respondent IDBI Bank has not been declared in accordance with the Inter-se Agreement entered into between participating banks of the Bank of Baroda consortium and the Security Trustee Agreement, and therefore cannot be called a valid ‘Event of Default’. - AT....