Commitments made in a resolution plan cannot be considered a financial debt: NCLT Mumbai

ICICI Prudential Real Estate AIF Vs Nandi Vardhan Infrastructure Limited (NCLT Mumbai) Introduction: ICICI Prudential Real Estate AIF seeks to trigger Corporate Insolvency Resolution Process (CIRP) against Nandi Vardhan Infrastructure Limited for defaulting on a payment obligation outlined in a resolution plan. This Company Petition invokes Section 7 of the Insolvency and Bankruptcy Code, alleging a payment default of INR 5,00,00,000/-. The case raises a crucial question: Can commitments made in a resolution plan be considered a financial debt? Detailed Analysis: Financial Creditor’s Sub...