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Pendency of proceeding for enforcement of arbitral award could not act as bar to initiate CIRP

November 19, 2019[2019] 111 37 (NCLT - New Delhi)

IBC: Application under section 7 could be maintained by financial creditor either by itself or jointly with other financial creditors

IBC: Where applicant disbursed money to borrower for consideration of time value of money with a clear commercial effect of borrowing, said applicant would fall within definition of 'financial creditor'

IBC: Pendency of execution proceedings for enforcement of arbitral award can not be an impediment or bar to initiate CIRP against corporate debtor

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