Claim Arising Out Of Partnership Business Which Is Not A Mere Claim Of Supply Of Material Is Not An “Operational Debt”: NCLT Mumbai
1 year, 8 months ago

Claim Arising Out Of Partnership Business Which Is Not A Mere Claim Of Supply Of Material Is Not An “Operational Debt”: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Shri H.V. Subba Rao and Shri Madhu Sinha, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Manoj Stone Infra Private Limited vs Railsys Engineers Private Limited has held that a claim arising out of a mutual business understanding of partnership business, which is not a mere claim arising out of supply of material, is not an “Operational Debt” Background Facts Railsys Engineers Private Limited issued a purchase order dated 02.03.2021 for supply of signaling cables and kyosan made electronic interlocking items. The good were delivered on 29.03.2021 and Manoj Stone Infra Private Limited raised 2 invoices amounting to a total of Rs 2,57,26,234/- which were duly received and acknowledged by the Corporate Debtor. It was submitted that the profits from the transaction were agreed to be shared mutually between the Operational Creditor and Corporate Debtor, thus the relationship between the parties was that of a partnership. The Tribunal observed that the claim was arising out of a mutual business understanding of partnership and hence the debt does not fall within the definition of “Operational Debt.

Corporate Corporate Debtor Operational Creditor Parties Operational Debt Tribunal Private Limited Transaction Debtor Creditor Operational Debt Railsys Engineers Private Limited  debt  transaction  operational  business  claim  mere  mumbai  debtor  parties  tribunal  creditor  private  material  nclt  limited  partnership  corporate  supply

History of this topic

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'
1 day, 11 hours ago

NCLAT Sets Aside Admission Of S.7 Application Upon Finding Transaction Was In Nature Of 'Operational Debt'

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The NCLAT New Delhi bench of Justice Rakesh Kumar Jain, Mr. Barun Mitra and Mr. Indevar Pandey has held that the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, was not maintainable as the transaction in question constituted an 'operational debt' and was not covered under Section 5 but was governed by Section 5 and Section 21 …

IBC Weekly Round Up [2nd December To 8th December, 2024]
2 weeks, 1 day ago

IBC Weekly Round Up [2nd December To 8th December, 2024]

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Nominal Index: Harsh Mehta Versus Securities and Exchange Board of India and Ors., WRIT PETITION NO. 737, 783 of 2024 Mr. Gajjala Yoganand versus Mr. Birendra Kumar Agarwal and Ors., IA No.373 of 2024 in CP No.296/7/HDB/2022 M/s Avani Towers Private Limited vs. M/s Energy Properties Private Limited, IA No. Related Party Can't Be Allowed Backdoor Entry Into CoC On …

Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT
3 weeks, 3 days ago

Written Agreement Not Mandatory To Prove Financial Debt If It Can Be Proved From Other Materials On Record: NCLAT

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The NCLAT New Delhi bench of Mr. Justice Ashok Bhushan and Mr. Arun Baroka has affirmed that it is not necessary for financial debt to be proved by a written agreement if it can be established from other materials on record then application under section 7 can be admitted.In this case, the section 7 application of the financial creditor was …

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai
1 month ago

When Statutory Criteria U/S 7 Of IBC Is Satisfied, Tribunal Must Admit CIRP: NCLT, Mumbai

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The National Company Law Tribunal, Mumbai bench, comprising Justice V. G. Bisht and Sh. The Tribunal reiterated that the existence of an arbitral award in favour of the Corporate Debtor did not bar the admission of the CIRP petition. When initiation of CIRP is resisted on the ground of existence of an award in favour of corporate debtor whose amount …

Interest On Operational Debt Cannot Be Claimed If There Is No Clause In Agreement For Payment Of Interest: NCLAT
1 month ago

Interest On Operational Debt Cannot Be Claimed If There Is No Clause In Agreement For Payment Of Interest: NCLAT

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The NLCAT New Delhi bench of Justice Ashok Bhushan and Barun Mitra held that no interest on principal amount can be claimed if there is no clause to this effect in the agreement executed between the parties. The RP has also filed reply to the Supplementary Affidavit, which was filed by the Appellant, with regard to interest, it was pleaded …

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi
2 months ago

Financial Debt Can Be Proven From Other Relevant Documents, NCLAT New Delhi

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The NCLAT New Delhi Bench of Justices Ashok Bhushan and Barun Mitra held that a written financial contract is not a pre-condition or an exclusive requirement for proving existence of debt. It has been further amplified that the Application to Adjudicating Authority Rules, 2016 and CIRP Regulations makes it clear that financial debt can be proven from other relevant documents …

Breach Of Settlement Agreement Not 'Operational Debt' Under Section 5(21) Of IBC: NCLT Kolkata
6 months, 1 week ago

Breach Of Settlement Agreement Not 'Operational Debt' Under Section 5(21) Of IBC: NCLT Kolkata

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TheNational Company Law Tribunal Kolkata bench of D. Arvind and Bidisha Banerjee has held that the breach of settlement agreement between the operational creditor and corporate debtor does not fall within the ambit of “Operational Debt” as per Section 5 of the IBC. However, the Petitioner claimed that after the first instalment was paid, the Corporate Debtor failed to make …

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai
7 months, 1 week ago

CIRP Can Be Initiated Against The Corporate Debtor Despite Principal-Agent Relationship Between CD And Ultimate Client: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan has held that Corporate Insolvency Resolution Process can be initiated against a Corporate Debtor under section 9 of the Insolvency and Bankruptcy Code, 2016 even if the Corporate Debtor had been acting as an agent of an ultimate client or principal. Further, it …

Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai
7 months, 1 week ago

Loan Amount Acknowledged As “Long-Term Borrowings” Has Commercial Effect And Covered U/S 5(8) Of IBC: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Ms. Lakshmi Gurung, Member & Sh. Charanjeet Singh Gulati, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in the case of Metamorphosis Trading LLP vs Membrane Filters Private Limited has held that the loan amount acknowledged in the books of the Corporate Debtor as “Long-term Borrowings” is …

Detention Charges Come Within The Purview Of Operational Debt: NCLT Mumbai
7 months, 1 week ago

Detention Charges Come Within The Purview Of Operational Debt: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Ms. Reeta Kohli, and Madhu Sinha, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in ABC India Ltd. vs Prabhakar Engineers Pvt. In a joint meeting between Operational Creditor, Corporate Debtor and Indian Oil Corporation, it was agreed that the Corporate Debtor would pay detention charges to …

NCLT Mumbai: Operational Debt Under IBC Does Not Include Penalty Or Liquidated Damages
7 months, 1 week ago

NCLT Mumbai: Operational Debt Under IBC Does Not Include Penalty Or Liquidated Damages

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The National Company Law Tribunal Mumbai, comprising Shri K.R. NCLT Verdict: The NCLT Mumbai rejected the CIRP petition and held that the operational debt under IBC does not include penalty or liquidated damages. Further, the claim doesn't relate to goods or services provided by the Operational Creditor to the Corporate Debtor but rather pertains to recovering penalties/liquidated damages due to …

Passing Of Decree Or Award Does Not Alter The Nature Of Operational Debt To Financial Debt: NCLT Mumbai
10 months, 3 weeks ago

Passing Of Decree Or Award Does Not Alter The Nature Of Operational Debt To Financial Debt: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising of Mr. Kuldip Kumar Kareer and Mr. Anil Raj Chellan, has held that the nature of an operational debt would not change to financial debt with the passing of a decree or arbitral award in respect of the same. “Undisputedly, the claim on the basis of which arbitral proceedings were initiated by …

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi
1 year, 2 months ago

Mere Statement Of Operational Creditor That No Dispute Exists, Is Not Enough : NCLAT Delhi

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The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in NTT Data Business Solutions Pvt. When disputes arose between the Parties, the Corporate Debtor issued a notice invoking arbitration dated 14.06.2021 to the Operational Creditor, under Section 21 of Arbitration and Conciliation Act, 1996. Subsequently, the …

‘Ordinary Course Of Business’ For Real Estate Industry Is Providing Construction Service, Doesn’t Include Entering Into Agreement For Investment In A Project: NCLT Delhi
1 year, 2 months ago

‘Ordinary Course Of Business’ For Real Estate Industry Is Providing Construction Service, Doesn’t Include Entering Into Agreement For Investment In A Project: NCLT Delhi

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The National Company Law Tribunal, New Delhi Bench, comprising of Shri Ashok Kumar Bhardwaj and Shri L.N. Gupta, while adjudicating a petition filed in Pallavi Joshi Bakhru v Universal Buildwell Private Limited, has held that the ‘ordinary course of business’ for a real estate industry would mean providing construction service. An agreement between two investors to invest into a project …

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi
1 year, 2 months ago

When Claimant Fails To Substantiate Its Claim, No Error Committed By RP In Admitting Claim As Per Balance Sheet Of Corporate Debtor: NCLAT Delhi

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The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Engineering Mazdoor Parishad Devas Through Its General Secretary v Teena Saraswat Pandey, has held that a Claimant is obliged to substantiate its claim, failing which, the Resolution Professional’s decision to admit the claim based on the …

Advance Paid Towards Transfer Of Leasehold Rights In An Immovable Property Is Not An Operational Debt: NCLT Mumbai
1 year, 7 months ago

Advance Paid Towards Transfer Of Leasehold Rights In An Immovable Property Is Not An Operational Debt: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in RSM Infra Partners vs Siddhivinayak Skyscrapers Private Limited has held that an amount paid as advance towards an agreement of transfer of leasehold rights in an immovable property does not come …

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai
1 year, 7 months ago

Prior Approval Of AA Under Section 33(5) Mandatory Before Initiation Of Legal Proceedings By Liquidator: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Smt Anuradha Sanjay Bhatia, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Birla Cotsyn Limited vs Birla Global Corporate Private Limited has held that prior approval of the Adjudicating Authority under Section 33 of IBC, 2016 is mandatory before initiating an …

Person Who Only Advances An Amount For Supply Of Goods & Services Is Not An “Operational Creditor”: NCLT Chennai
1 year, 7 months ago

Person Who Only Advances An Amount For Supply Of Goods & Services Is Not An “Operational Creditor”: NCLT Chennai

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The National Company Law Tribunal, Chennai Bench, comprising Shri Sanjiv Jain and Shri Sameer Kakar, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Mr.V. Limited has held that the payment of advance amount to receive the supply of goods and services from the Corporate Debtor does not come within the ambit of Operational Debt. …

Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata
1 year, 8 months ago

Poaching Of Employees By The Operational Creditor Does Not Fall Within The Ambit Of Pre-Existing Dispute: NCLT Kolkata

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The National Company Law Tribunal, Kolkata Bench, comprising Shri Rohit Kapoor and Shri Balraj Joshi, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in India Medtronic Private Limited vs Healthcare Associates Private Limited has refused to term poaching of employees by the Operational Creditor as a pre-existing dispute. Background Facts India Medtronic Private limited and …

A Loan Payable On Demand Becomes Due And Payable On Receipt Of Demand Notice: NCLT Mumbai
1 year, 8 months ago

A Loan Payable On Demand Becomes Due And Payable On Receipt Of Demand Notice: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application under Section 7 of Insolvency and Bankruptcy Code, 2016 in Praful Satra vs MD Development Private Limited has held that a loan payable on demand becomes due and payable on the receipt of Demand Notice Background Facts Praful Satra extended an …

Debts Arising From Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates
1 year, 9 months ago

Debts Arising From Different Work Orders Can Be Clubbed To Satisfy The Minimum Threshold Under IBC: NCLT Mumbai Reiterates

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application under Section 9 of Insolvency and Bankruptcy Code, 2016 in Wam India Private Limited Vs SN Engineering Services Pvt. Email correspondences were exchanged between the parties wherein the Operational Creditor regularly followed up on the outstanding debt and the Corporate Debtor …

AA Duty Bound to Ascertain Facts of Debt and Default, Cannot allow Respondents to take Advantage of Mistakes of Applicants: NCLT Mumbai
1 year, 9 months ago

AA Duty Bound to Ascertain Facts of Debt and Default, Cannot allow Respondents to take Advantage of Mistakes of Applicants: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and Shri Prabhat Kumar, while adjudicating an application under Section 60 of Insolvency and Bankruptcy Code, 2016 by the Yatra Online Limited in Ezeego One Travel and Tours Limited vs Yatra Online Limited has held that the. The National Company Law Tribunal, Mumbai Bench, comprising Shri Kishore Vemulapalli and …

Excessive Amount Mistakenly Paid Can’t Be Operational Debt, It’s Quasi Contract: NCLT Hyderabad
1 year, 9 months ago

Excessive Amount Mistakenly Paid Can’t Be Operational Debt, It’s Quasi Contract: NCLT Hyderabad

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula and Mr. Satya Ranjan Prasad, while adjudicating a petition filed in M/s. Ltd., has held that if an Operational Creditor mistakenly pays excess sum to the Corporate Debtor, then the excess amount would not be categorized as an operational debt, if the claim is entirely based …

Defences Of ‘Pre-Existing Dispute’ Or ‘No Amount Due’ Can Be Raised Directly In Reply To Section 9 Application: NCLAT Delhi
1 year, 9 months ago

Defences Of ‘Pre-Existing Dispute’ Or ‘No Amount Due’ Can Be Raised Directly In Reply To Section 9 Application: NCLAT Delhi

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The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Ms. Shreesha Merla, while adjudicating an appeal filed in Greymatter Entertainment Pvt. Ltd., has held that IBC does not prevent the Corporate Debtor from establishing defences of ‘Pre-existing dispute’ or ‘No amount due’ through its Reply to Section 9 application and supporting documents, even if it …

No Acknowledgement Of Liability Based On An Unrealized Cheque: NCLAT Chennai
1 year, 10 months ago

No Acknowledgement Of Liability Based On An Unrealized Cheque: NCLAT Chennai

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The National Company Law Appellate Tribunal, Chennai Bench, comprising of Justice M. Venugopal and Ms. Shreesha Merla, while adjudicating an appeal filed in M/s. UCAL Fuel Systems Ltd., has held that a cheque which has not been encashed, cannot amount to an ‘acknowledgement of liability’ in terms of Section 18 of the Limitation Act, 1963. The Operational Creditor submitted that …

TDS Payments Do Not Amount To An Acknowledgement Of Debt: NCLT
1 year, 10 months ago

TDS Payments Do Not Amount To An Acknowledgement Of Debt: NCLT

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The Mumbai Bench of the National Company Law Tribunal has ruled that TDS payments do not amount to an acknowledgment of debt.The two-member bench of Justice P.N. The operational creditor has relied on Form 26AS, i.e., payment of tax deducted at source on unpaid salaries, and claimed that the petition is within limitation from the date of default. The operational …

Indian Insolvency Yearly Review 2022
1 year, 11 months ago

Indian Insolvency Yearly Review 2022

Live Law  

In recent years, several noteworthy judgments have been rendered by the Indian Courts in matters pertaining to the law of insolvency in India and in particular the Insolvency and Bankruptcy Code, 2016. The Supreme Court observed that the adjudicating authority is vested with discretionary power under Section 7 of the IBC to accept or reject the financial creditor's application. On …

NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company
2 years, 1 month ago

NCLT Hyderabad Initiates Insolvency Process Against Gayatri Projects Ltd., A Gayatri Group Company

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The National Company Law Tribunal, Hyderabad Bench, comprising of Dr. Venkata Ramakrishna Badarinath Nandula, and Mr. Satya Ranjan Prasad, while adjudicating in a petition filed in State Bank of India v M/s Gayatri Projects Limited, has initiated Corporate Insolvency Resolution Process against Gayatri Projects Ltd., which is a part of the Gayatri Group. Background Facts Gayatri Projects Ltd. is the …

Operational Creditor Cannot Change The 'Date Of Default' By Confining The Invoices To A Later Period: NCLT Mumbai Reiterates
2 years, 2 months ago

Operational Creditor Cannot Change The 'Date Of Default' By Confining The Invoices To A Later Period: NCLT Mumbai Reiterates

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The National Company Law Tribunal, Mumbai Bench, comprising of Shri H.V. Ltd., has reiterated that the Operational Creditor cannot change the 'date of default' by confining the invoices to a later period. On 15.05.2019 the Operational Creditor issued demand notice to the Corporate Debtor, demanding balance principle amount of Rs. Whether the 'Operational Creditor' can change the 'date of default' …

Indemnity Of Obligations Under An Agreement Is Not A 'Financial Debt' Under IBC: NCLT Mumbai
2 years, 2 months ago

Indemnity Of Obligations Under An Agreement Is Not A 'Financial Debt' Under IBC: NCLT Mumbai

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The National Company Law Tribunal, Mumbai Bench, comprising of Justice P. N. Deshmukh and Shri Shyam Babu Gautam, while adjudicating an application filed in Reserve Bank of India v Reliance Capital Limited, has held that indemnity of the obligations under the Agreement is not a 'financial debt' under Section 5 of IBC. This was to ensure that any dilution of …

Amount Paid Towards One Time Settlement Is An Asset Of The Corporate Debtor: NCLAT Delhi
2 years, 2 months ago

Amount Paid Towards One Time Settlement Is An Asset Of The Corporate Debtor: NCLAT Delhi

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The National Company Law Appellate Tribunal bench comprising of Justice Anant Bijay Singh and Ms. Shreesha Merla held that the amount deposited towards the One-time settlement by the Corporate Debtor will be an asset of the Corporate Debtor and the Resolution Professional is entitled to take custody of the same. It was also submitted that there was an understanding between …

Without Proof Of Disbursement No Financial Debt Can Be Claimed: NCLT Mumbai Reiterates
2 years, 3 months ago

Without Proof Of Disbursement No Financial Debt Can Be Claimed: NCLT Mumbai Reiterates

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The National Company Law Tribunal, Mumbai Bench, comprising of Justice P.N. The Bench held that without proof of disbursement an amount cannot be claimed as financial debt under IBC, as a disbursement is a sine qua non for any debt to qualify as financial debt. The Financial Creditor claimed that in order to partly discharge the debt, the Corporate Debtor …

Investment Made By Director Of A Company Is Not An Operational Debt: NCLT Kolkata
2 years, 3 months ago

Investment Made By Director Of A Company Is Not An Operational Debt: NCLT Kolkata

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The National Company Law Tribunal, Kolkata Bench, comprising of Shri Rohit Kapoor and Shri Harish Chander Suri, while adjudicating a petition filed in Akshat Pandey v Avighna Films Private Limited, has held that an investment made by the Director of a Company does not fall under the purview of an Operational Debt under the IBC. However, Director Pujarini Ghosh did …

NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016
2 years, 5 months ago

NCLAT Holds Lease Rental As Operational Debt Under The Insolvency And Bankruptcy Code, 2016

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A five judge bench of National Company Law Appellate Tribunal comprising of Justice Ashok bhushan, Justice Rakesh Kumar, Justice Rakesh Jain, Mr. Naresh Salecha and Mr. Barun Mitra held that the lease rental qualifies as an operational debt under the provisions of the Insolvency and Bankruptcy Code, 2016 The five judge bench was constituted after a three judge bench of …

Salary During Notice Period Does Not Fall Within The Definition Of 'Operational Debt' Under IBC: NCLT, Mumbai
2 years, 6 months ago

Salary During Notice Period Does Not Fall Within The Definition Of 'Operational Debt' Under IBC: NCLT, Mumbai

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The NCLT, Mumbai Bench comprising of Justice H.V. Subba Rao, Judicial Member and Chandra Bhan Singh, Technical Member in the case of Sandesh Naik v. MT Educare Limited held that salary for purported notice period amounts to specific performance of the appointment letter and does not fall within the definition of 'Operational Debt' as the same was not salary for …

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
2 years, 8 months ago

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi

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The National Company Law Appellate Tribunal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, while adjudicating an appeal filed in the matter of Rajesh Kedia v Phoenix ARC Pvt. 1 issued a Demand Notice dated 09.02.2016 to the Corporate Debtor under Section 13 of the SARFAESI Act, 2002, demanding an amount of Rs. 1 had …

No Bar On Operational Creditor To Recover Claims If Claims Were Not Entertained In The Resolution Process: NCLAT
2 years, 10 months ago

No Bar On Operational Creditor To Recover Claims If Claims Were Not Entertained In The Resolution Process: NCLAT

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The NCLAT Bench comprising of Justice Ashok Bhushan, Chairperson and Dr. Ashok Kumar Mishra, Technical Member in Go Airlines Ltd. v. Sovika Aviation Services Pvt. held that since the Resolution Plan was withdrawn u/s 12A of the Insolvency and Bankruptcy Code, 2016 and the claims of the Operational Creditor were not entertained, the operational Creditor is at liberty to file …

Claim Of Refund Of Advance Payment- Whether An 'Operational Debt' Under The Insolvency & Bankruptcy Code, 2016
3 years, 5 months ago

Claim Of Refund Of Advance Payment- Whether An 'Operational Debt' Under The Insolvency & Bankruptcy Code, 2016

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CLAIM OF REFUND OF ADVANCE PAYMENT WHETHER AN 'OPERATIONAL DEBT' UNDER THE INSOLVENCY & BANKRUPTCY CODE, 2016 Introduction Ever since the Insolvency and Bankruptcy Code, 2016 has come into effect, many vexed questions of law regarding the interpretation of various provisions of the Code have arisen, many of which have come to be settled by orders passed by the National …

Whether Non-payment Of Rent Would Qualify As An Operational Debt Under IBC? Supreme Court Issues Notice
3 years, 10 months ago

Whether Non-payment Of Rent Would Qualify As An Operational Debt Under IBC? Supreme Court Issues Notice

Live Law  

Whether the non-payment of rent would qualify as an operational debt within the meaning of Section 5 of the Insolvency and Bankruptcy Code 2016? The Supreme Court issued notice in an appeal filed against an order passed by National Company Law Appellate Tribunal.In this case, the landlord filed the Application under Section 9 of Insolvency and Bankruptcy Code, 2016, which …

'Default' Of Instalments Under Settlement Agreement Not "Operational Debt" Under IBC: NCLT [Read Order]
4 years, 4 months ago

'Default' Of Instalments Under Settlement Agreement Not "Operational Debt" Under IBC: NCLT [Read Order]

Live Law  

Whether 'Default' of instalments under a settlement Agreements is an "Operational Debt" under the Insolvency and Bankruptcy Code, 2016? Besides denying having executed the Account Settlement Agreement dated 15.06.2019 and alleging that the relationship between the Corporate Debtor and the Applicant had already seized in terms of another Settlement Letter dated 19.12.2017, it was, inter alia, argued by the Respondent …

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