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Debt arising from advance to corporate debtor for supply of goods qualifies as operational debt
Case Law Details
- Case Name
- Rakesh Bhailalbhai Patel Vs Vasundhara Seamless Stainless Tubes Private Limited (NCLAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLAT
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Rakesh Bhailalbhai Patel Vs Vasundhara Seamless Stainless Tubes Private Limited (NCLAT Delhi)
NCLAT Delhi held that debt arising from advance payment to corporate debtor for the supply of goods qualifies as operational debt under section 5(21) of the Insolvency and Bankruptcy Code, [IBC]. Accordingly, operational debt and default established hence section 9 application rightly admitted.
Facts- This appeal has arisen from the order dated 22.08.2024 passed by the National Company Law Tribunal, (Adjudicating Authority) Ahmedabad Bench. The Adjudicating Authority admitted the pet...
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