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Pendency of suit not a bar to admit Sec 7 IBC plea by financial creditor, NCLAT
The National Company Law Appellate Tribunal (NCLAT) has held that the pendency of a suit with respect to a dispute associated with a default cannot be a ground to reject an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by a Financial Creditor.