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Advance by real-estate developer to property owner for a re-development project qualifies as operational debt under IBC 2016
Case Law Details
- Case Name
- Sunteck Realty Limited Vs Goodwill Theatres Private Limited (NCLT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- NCLT
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Sunteck Realty Limited Vs Goodwill Theatres Private Limited (NCLT Mumbai)
This Petition is filed under Section 9 of I&B Code, 2016 by Sunteck Realty Limited against Goodwill Theatres Private Limited for initiating corporate insolvency resolution process is admitted. NCLT held that the advance paid by a real-estate developer to a property owner for a re-development project qualifies as operational debt under the Insolvency & Bankruptcy Code, 2016 (IBC 2016).
FULL TEXT OF THE NCLT MUMBAI ORDER
1. This Petition is filed by the Petitioner, Sunteck Realty Limited, under Section 9 of Insolve...
