Mere Holding of Decree Alone Doesn’t Constitute Financial Debt: NCLT Mumbai

Hpcl-Mittal Pipelines Limited Vs Coastal Marine Construction And Engineering Limited (NCLT Mumbai) NCLT Mumbai held that mere holding of a decree per se by an individual will not make its debt fall within the ambit of financial debt. Nature of debt will not change with the passing of a decree or an award. Application u/s. 7 of IBC not maintained as nature of debt not financial. Facts- The present petition has been filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 by Hpcl-Mittal Pipelines Limited. (Financial Creditor) praying inter-alia for initiation of Corporate Insolvency Resolution P...