Advance by real-estate developer to property owner for a re-development project qualifies as operational debt under IBC 2016

Sunteck Realty Limited Vs Goodwill Theatres Private Limited (NCLT Mumbai) This Petition is filed under Section 9 of I&B Code, 2016 by Sunteck Realty Limited against Goodwill Theatres Private Limited for initiating corporate insolvency resolution process is admitted. NCLT held that the advance paid by a real-estate developer to a property owner for a re-development project qualifies as operational debt under the Insolvency & Bankruptcy Code, 2016 (IBC 2016). FULL TEXT OF THE NCLT MUMBAI ORDER 1. This Petition is filed by the Petitioner, Sunteck Realty Limited, under Section 9 of Insolve...