https://www.taxtmi.com/caselaws?id=350315 Lease of immovable property, together with claims for future rent and lock-in period amounts, was treated as a damages-based claim rather than an operational debt under the Insolvency and Bankruptcy Code, 2016, because such leasing did not amount to supply of goods or rendering of services. The claim for unexpired period rentals was not an immediately enforceable debt until quantified by a competent forum. The record also showed a real pre-existing dispute, supported by arbitration proceedings and a counter-claim, so the dispute was not illusory. On these grounds, insolvency admission was not maintainable. en-us Thu, 28 Sep 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350315 Lease of immovable property, together with claims for future rent and lock-in period amounts, was treated as a damages-based claim rather than an operational debt under the Insolvency and Bankruptcy Code, 2016, because such leasing did not amount to supply of goods or rendering of services. The claim for unexpired period rentals was not an immediately enforceable debt until quantified by a competent forum. The record also showed a real pre-existing dispute, supported by arbitration proceedings and a counter-claim, so the dispute was not illusory. On these grounds, insolvency admission was not maintainable. Case-Laws Insolvency and Bankruptcy Thu, 28 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350315