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Advance under a supply agreement is an operational debt: NCLAT Delhi
Case Law Details
- Case Name
- Sainik Industries Private Limited Vs Ritesh Raghunath Mahajan (NCLAT Delhi)
- Appeal Number
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- Date of Judgement/Order
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- NCLAT
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Advance is an operational debt: NCLAT Delhi
Sainik Industries Private Limited Vs Ritesh Raghunath Mahajan (NCLAT Delhi)
NCLAT Delhi held that advance is an operational debt. Thus, appellant’s claim rightly held to be operational debt by the Resolution Professional hence appeal dismissed.
Facts- Appellant engaged in the business of purchasing sugar from various sugar factories, and corporate companies and selling said sugar to sugar brokers, consumers, confectioneries etc. The Respondent- ‘M/s. Indian Sugar Manufacturing Company Limited’ (Corporate Debtor) is engaged in the business of ma...
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