In Park Energy Pvt. Ltd. vs Syndicate Bank, the NCLAT has held that even though a financial debt may be due and payable, unless the Corporate Debtor has defaulted with regard to the debt, it would not be justifiable to initiate CIRP against the Corporate Debtor. The NCLAT further held that the onus of proof of default on the part of Corporate Debtor lies on the financial creditor and the financial creditor must demonstrate that default has occurred on account of failure on the part of the Corporate Debtor to discharge its liability.
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