Non-Acceptance of Goods Doesn’t Constitute Operational Debt under IBC: NCLT

Adishank Chemicals Pvt. Ltd. Vs Baerlocher India Additives Pvt. Ltd. (NCLT Mumbai) In a recent judgment, the National Company Law Tribunal (NCLT), Mumbai, has dismissed a petition filed by Adishank Chemicals Pvt. Ltd. against Baerlocher India Additives Pvt. Ltd. under Section 9 of theInsolvency and Bankruptcy Code (IBC), 2016 (IBC). The petition sought the initiation of Corporate Insolvency Resolution Process (CIRP) for an alleged unresolved operational debt of Rs. 1,35,20,600 as on March 31, 2023. Case Background Adishank Chemicals, the Operational Creditor, contended that it had supplied goo...