Unpaid instalment as per a settlement agreement not operational debt under IBC: NCLT

NCLT is not a recovery court, NCLT has held.
Unpaid instalment as per a settlement agreement not operational debt under IBC: NCLT
NCLT - The NCLT was hearing a section 9 IBC plea against a Corporate Debtor.

The National Company Law Tribunal, Delhi has held that unpaid instalment as per a settlement agreement cannot be treated as operational debt under Section 5(21) of the Insolvency & Bankruptcy Code. (M/S Brand Realty Services Ltd vs M/S Sir John Bakeries India Pvt Ltd)

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