Joint venture or profit-sharing arrangement not operational debt under IBC: NCLT Delhi

Transline Technologies Limited Vs Experio Tech Private Limited (NCLT Delhi) The National Company Law Tribunal (NCLT) Delhi dismissed a Section 9 insolvency petition filed by Transline Technologies Limited against Experio Tech Private Limited. Transline, claiming to be an operational creditor, sought to initiate Corporate Insolvency Resolution Process (CIRP) against Experio for an alleged outstanding debt of Rs. 3.87 crore. Transline argued that it supplied electronic equipment to Experio under a business agreement, for which five invoices remained unpaid. Experio, however, contested the claim,...