Live Help
Want to know more
Enter the details and we'll call you soon

Name :

Company Name :

City :

Mobile No. :

Email id :

  

Thank you for your details



Our Executive will reach you shortly.

Your Session Will Expire in   seconds.
If you do not wish to log-out, choose 'Let me continue'
Reset SessionCancel Session
 

CIRP plea admitted as corporate debtor defaulted in making payment to operation creditor

January 9, 2020[2020] 113 taxmann.com 179 (NCLT - Hyd.)
30 Views

IBC : Operational creditor filed petition under section 9 requesting Tribunal to initiate CIRP against corporate debtor, stating that there was an existence of debt, and there was default

• It was found that pursuant to an agreement, an application had been filed by operational creditor on behalf of corporate debtor under section 10 of I&B Code, however fees as agreed for same had not been paid to operational creditor. Thus, amount payable to operational creditor fell under definition of 'operational debt' as it referred to payments for services rendered to corporate debtor. A demand notice was issued and there was compliance of provisions of section 9. Thus, there was debt and default of operational debt. As such petition was liable to be admitted.

read more

taxmann.com
Payment
Best view in 1140 x 768