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To make the company viable, the unsecured creditor would have to sacrifice to some extent otherwise the revival efforts would fail, observed the Supreme Court..
In the instant case, the Directorate of Revenue Intelligence neither submitted proof of claim nor responded to a specific communication via an e-mail addressed to Senior Intelligence Officer. This is a case where despite knowledge, the statutory authorities chose not to submit their proof of claim.
Bombay High Court: Rohit B. Deo, J. allowed a petition filed against the order of the trial court whereby it had issued process