Default in settlement agreement amount not an operational debt

Trafigura India Private Limited Vs TDT Copper Limited (NCLAT)

NCLAT Delhi held that default of instalment of Settlement Agreement does not come within the definition of ‘operational debt’ as it does not fall within the definition of additional debt as per Section 5(21) of the IBC.

Facts-

The parties entered into the Master Sale Agreement (MSA) under which the Respondent agreed to buy and the Appellant agreed to sell a specified quantity of copper cathodes (Mater

Please become a Premium member. If you are already a Premium member, login here to access the full content.