If the application is filed under Section 7, default in respect of a ‘financial debt’ owed to any of the ‘Financial Creditors’ of the corporate debtor, it need not be a default of debt owed to the particular Financial Creditor and may be a Co-Financial Creditor under Section 7(2) – R. B. Synthetics & Anr. Vs. Bee Ceelene Textile Mills Pvt. Ltd. – NCLAT New Delhi

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