Corporate debtor's insolvency petition upheld after defaulting on financial debt.

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....Corporate debtor defaulted in repaying financial debt owed to financial creditor. NCLAT dismissed appeal, upholding orders of adjudicating authority. Transaction qualified as financial debt under IBC. Corporate debtor's audited financial statements from 2012-2017 acknowledged debt. Default established as per Supreme Court's interpretation of acknowledgment of debt under Limitation Act for IBC proceedings. No infirmity found in adjudicating authority's orders allowing insolvency petition against corporate debtor for default.....