Claim for Refund of Security Deposit on Contractual Obligation Contingent on Executing Leave and License Agreement not Operational Debt under IBC: NCLAT [Read Order]

Scope of "operational debt" under the IBC does not encompass situations like security deposits unrelated to any immediate service rendered, rules NCLAT
By Kalyani B. Nair - On June 7, 2024 3:21 pm - 2 mins read
kerala High Court - First Appellate Authority - Income Tax Department - Addition to buildings - Addition to electrical fittings - taxscan

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the refund of Security Deposit on contractual obligation contingent on executing leave and license agreement is not Operational Debt under the Insolvency and Bankruptcy Code, 2016 ( IBC ). The appeal was filed by Carestream Health India Private Limited…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader