Case Law Details
Hpcl-Mittal Pipelines Limited Vs Coastal Marine Construction And Engineering Limited (NCLT Mumbai)
NCLT Mumbai held that mere holding of a decree per se by an individual will not make its debt fall within the ambit of financial debt. Nature of debt will not change with the passing of a decree or an award. Application u/s. 7 of IBC not maintained as nature of debt not financial.
Facts-
The present petition has been filed u/s. 7 of the Insolvency and Bankruptcy Code, 2016 by Hpcl-Mittal Pipelines Limited. (Financial Creditor) praying inter-alia for initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Coastal Marine Construction And Engineering Limited (Corporate Debtor) by invoking the provisions of Section 7 of the Insolvency and Bankruptcy Code for resolution of an unresolved Financial Debt of Rs. 14,99,51,429.95/- as on 31.07.2022.
Conclusion-
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