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A company is executing an MOU for grant of irrevocable consent in favour of Indian LLP, for consideration of Rs. one crore eleven lakh, by way of tendering a post dated cheque. It is a condition of the MOU that in case of default in payment of consideration by LLP, compound interest would be levied effective from the date of default till realisation. In case the default happens, would the company by able to invoke Section 7 of IBC against the LLP?
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Hi Intern!
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