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State-run lender Indian Bank has taken legal action by approaching the insolvency court against Mumbai Metro One Private Limited (MMOPL) due to defaults on its loans. The bank has initiated proceedings under section 7 of the Insolvency and Bankruptcy Code (IBC) against MMOPL. This specific section allows a creditor to file an application to start a corporate insolvency resolution process (CIRP) against a corporate debtor in instances of loan default or financial distress.
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