No recovery of ‘listing fee’ dues as operational debt under IBC

BSE Ltd. Vs Asahi Infrastructure & Projects Ltd. (NCLAT Delhi) Conclusion: Since assessee had initiated the insolvency proceedings against the Corporate Debtor only as a recovery mechanism to recover dues of ‘listing fees’ however, IB Code was not meant for recovery of dues of creditors. Held: Assessee-Bombay Stock Exchange Limited (for short ‘BSE’) filed an Application under Section 9 of the IB Code against the Respondent (Corporate Debtor) claiming an amount of Rs.8,85,526/- as on 1st April, 2017 as Operational Creditor. The case of assessee was that Corporate Debtor defaulted in...