Section 9 IBC Petition Dismissed as Film Investment Was Not an Operational Debt

B4U Broadband (India) Private Limited Vs Kyta Productions Private Limited (NCLT Mumbai) The National Company Law Tribunal (NCLT), Mumbai, dismissed a petition filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) after holding that the claim did not qualify as an Operational Debt and, therefore, the petition was not maintainable. The Operational Creditor sought initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for recovery of Rs. 2,57,32,416 as principal and Rs. 5,58,358 as interest, aggregating to Rs. 2,62,90,774. According to the ...