The Supreme Court viewed the non-payment of the amount due to the bank as a default under Section 3(12) of the Insolvency and Bankruptcy Code, 2016 (IBC)and dismissed the appeal. The respondent Bank applied Section 7 of the Insolvency and Bankruptcy Code, 2016 ( IBC) before the National Company Law Tribunal, Hyderabad, Telangana. The appellant,…
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