IBC: Liability arising from a recovery certificate constitutes a financial debt

Virigineni Anjaiah Vs Pridhvi Asset Reconstruction and Securitization Company Ltd. (NCLAT Chennai) The case of Virigineni Anjaiah Vs Prithvi Asset Reconstruction and Securitization Company Ltd. (NCLAT Chennai) revolves around an appeal filed under section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC) against an order passed by the Adjudicating Authority (AA) / National Company Law Tribunal (NCLT), Hyderabad. The AA had admitted the Corporate Debtor (CD) into Corporate Insolvency Resolution Process (CIRP) based on the application made by the Financial Creditor (FC), Prithvi Asset Reconst...