Advance for Share Allotment Not a Financial Debt under IBC: NCLT

Mittson Fille Enterprise Vs Sammaan Ventures Limited (NCLT Kolkata) The case of Mittson Fille Enterprise vs. Sammaan Ventures Limited, heard before the National Company Law Tribunal (NCLT) in Kolkata, presents a complex legal scenario involving the interpretation of financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC). This case revolves around a petition filed by Mittson Fille Enterprise, a financial creditor, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against Sammaan Ventures Limited, the corporate debtor. The crux of the dispute lies in deter...