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Default of payment of settlement agreement is not an Operational debt
Case Law Details
- Case Name
- Ahluwalia Contracts (India) Limited Vs Logix Infratech Private Limited (NCLT Delhi)
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- NCLT
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Ahluwalia Contracts (India) Limited Vs Logix Infratech Private Limited (NCLT Delhi)
Default of payment of installment amount as per settlement agreement do not come under the definition of operational debt
Hon’ble National Company Law Tribunal (NCLT), New Delhi Bench in Company Petition No. 882/ND/2022 [Ahluwalia Contracts (India) Ltd. (operational creditor / petitioner) VS Logix Infratech Private Limited (Corporate Debtor)], dealt with following important question whether breach of terms and conditions of the Settlement agreement with operational creditor comes within the purview of operati...
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