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S.7 IBC | Corporate Debtor’s Ability To Pay Debt Not To Be Considered Before Admitting Insolvency Petition : Supreme Court

The Supreme Court on Wednesday (February 18) reaffirmed that the remedy under Section 7 of the Insolvency & Bankruptcy Code (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) is not discretionary but mandatory, leaving the adjudicating authority with no option but to admit the application once the existence of a debt and a default…

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