Case Law Details
Case Name : ABC India Ltd. Vs Prabhakar Engineers Pvt. Ltd. (NCLT Mumbai)
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NCLT
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ABC India Ltd. Vs Prabhakar Engineers Pvt. Ltd. (NCLT Mumbai)
Introduction: In a significant ruling, the National Company Law Tribunal (NCLT) Mumbai addressed the contentious issue of whether detention charges qualify as operational debts under the Insolvency and Bankruptcy Code (IBC). The case, titled ABC India Ltd. Vs Prabhakar Engineers Pvt. Ltd., revolves around the non-payment of operational debt amounting to Rs. 19,03,500.
Detailed Analysis: The case stemmed from a contractual agreement between ABC India Ltd. (the Operational Creditor) and Prabhakar Engineers Pvt. Ltd. (the Corporate Deb...
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