Settlement Breach Agreement between Operational Creditor and CD does not fall Under “Operational Debt” as per Section 5 (21) of the IBC: NCLT
While dismissing the petition, the NCLT held that the breach of a settlement agreement does not constitute "Operational Debt" under Section 5(21) of the Code.
The Kolkata bench of the National Company Law Tribunal ( NCLT )has held that the breach of the settlement agreement between the operational creditor and the corporate debtor does not fall within the ambit of “Operational Debt” as per Section 5 (21) of the Insolvency Bankruptcy Code ( IBC ), 2016. M/s. Simplex Infrastructure Limited,…
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