REC Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Global Metal & Energy Private Limited, the Corporate Debtor. The Corporate Debtor had defaulted on a rupee term loan facility provided by the Financial Creditor for setting up a wind power project. The Corporate Debtor's account was declared an NPA, and despite some payments, defaults continued. The Financial Creditor issued demand notices and a loan recall notice. The Corporate Debtor acknowledged the debt but failed to clear the outstanding amounts. The Corporate Debtor raised objections, claiming the application was barred under Section 10A of the Code due to the default falling

REC Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Global Metal & Energy Private Limited, the Corporate Debtor. The Corporate Debtor had defaulted on a rupee term loan facility provided by the Financial Creditor for setting up a wind power project. The Corporate Debtor's account was declared an NPA, and despite some payments, defaults continued. The Financial Creditor issued demand notices and a loan recall notice. The Corporate Debtor acknowledged the debt but failed to clear the outstanding amounts. The Corporate Debtor raised objections, claiming the application was barred under Section 10A of the Code due to the default falling