Commercial contract for purchase of NCDs is not ‘financial debt’: NCLT Mumbai

Edelweiss Asset Reconstruction Company Limited Vs Ajmera Realty and Infra India Limited (NCLT Mumbai) In a significant legal proceeding, the National Company Law Tribunal (NCLT), Mumbai, witnessed the case between Edelweiss Asset Reconstruction Company Limited and Ajmera Realty and Infra India Limited. This detailed article aims to dissect the intricacies of the case, the arguments presented by both parties, the legal framework involved, and the Tribunal’s findings, offering a comprehensive insight into the implications of this dispute. Background: The case revolves around a petition fi...