NCLT Dismissal of CIRP Application Overturned Due to Misinterpretation of Financial Debt u/s 7, IBC.

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....Initiation of CIRP - Financial debt or not - application dismissed by the NCLT - The definition of debt and default which is the only thing required for the purpose of maintaining the application under Section 7 of the Code, is satisfied - the Adjudicating Authority has committed a patent error in misreading and mis-appreciating the evidence available on record while dismissing the application, filed by the Appellant for the initiation of CIRP of the Corporate Debtor/Respondent. - AT....