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CIRP admitted as corporate debtor expressed his inability to pay overdues due to market recession in real estate sector

November 14, 2019[2019] 110 468 (NCLT - Ahd.)

IBC: Where invoices raised by operational creditor for supply of ready mix concrete became due and corporate debtor stated that there was recession in the real estate market and so, corporate debtor was not in a position to pay outstanding, since debt as well as occurrence of default was established, CIRP application was to be admitted

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