Commitments made in a resolution plan cannot be considered a financial debt: NCLT Mumbai

ICICI Prudential Real Estate AIF Vs Nandi Vardhan Infrastructure Limited (NCLT Mumbai)

Introduction: ICICI Prudential Real Estate AIF seeks to trigger Corporate Insolvency Resolution Process (CIRP) against Nandi Vardhan Infrastructure Limited for defaulting on a payment obligation outlined in a resolution plan. This Company Petition invokes Section 7 of the Insolvency and Bankruptcy Code, alleging a payment default of INR 5,00,00,000/-. The case raises a crucial question: Can commitments made in a resolution plan be considered a financial debt?

Detailed Analysis:

Financial Creditor’s Submissions:

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