Advance paid by real-estate developer to property owner is operational debt under IBC: NCLT

The parties had executed a Term Sheet in August 2018 after the Corporate Debtor approached the Petitioner for the redevelopment of his property.
Advance paid by real-estate developer to property owner is operational debt under IBC: NCLT
NCLT, Mumbai

The National Company Law Tribunal (NCLT), Mumbai has ruled that the advance paid by a real-estate developer to a property owner for a re-development project qualifies as operational debt under the Insolvency & Bankruptcy Code, 2016 (Sunteck Realty Limited vs Goodwill Theatres Private Limited).

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