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CIRP Initiation Valid: Debt Acknowledged as 'Trade Payable' in Balance Sheet, Criminal Proceedings Post-Demand Notice Irrelevant.

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....Initiation of CIRP - existence of debt and dispute or not - acknowledgement of debts - amount due to the Operational Creditor has been shown as ‘Trade Payable’ in the balance sheet - Appellant cannot take any benefit of Criminal Proceedings initiated by the Appellant by filing an Application under Section 156 of the Cr. PC which proceedings were initiated subsequent to receipt of Demand Notice. - AT....

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