IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

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IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

The Supreme Court has observed a default is not necessary for a debt to become a financial debt under the Insolvency and Bankruptcy Code, 2016. A bench comprising Justice Abhay S Oka and Justice Augustine George Masih held that under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there is no default in payment of debt. Addressing this argument, the Court observed : "There is no requirement incorporated therein that a debt becomes financial debt only when default occurs. Under Section 5 of the IBC, any person to whom financial debt is owed becomes a Financial Creditor even if there is no default in payment of debt.

Court Bank Appellants Person Claim Default Owed Ibc Financial Creditors Financial Creditor Financial Debt Creditor No Requirement No Default Doha Bank

Annual Digest Of IBC Cases: 2024

3 months ago

Annual Digest Of IBC Cases: 2024

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IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

3 months, 2 weeks ago

IBC | Financial Creditor Can Submit Claim Even If There Is No Default Of Debt : Supreme Court

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S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court

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S.7(5)(b) IBC | Provision To Notify Financial Creditor Before Rejecting Claim Extends To Appeals Before NCLAT: Supreme Court

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Insolvency & Bankruptcy Code- SC Interprets Scope Of ‘Existence Of Dispute’ Between Operational Creditor And Corporate [Read Judgment]

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Insolvency & Bankruptcy Code- SC Interprets Scope Of ‘Existence Of Dispute’ Between Operational Creditor And Corporate [Read Judgment]

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Insolvency & Bankruptcy Code- SC Interprets Scope Of ‘Existence Of Dispute’ Between Operational Creditor And Corporate [Read Judgment]

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