https://www.taxtmi.com/caselaws?id=403655 The NCLT Mumbai Bench dismissed the Company Petition under Section 9 of the IBC, ruling that the transaction in question did not qualify as an operational debt. The Tribunal determined that the transaction was akin to a sale agreement, not involving goods or services from the creditor to the debtor. Consequently, the Corporate Insolvency Resolution Process was not initiated. The Tribunal clarified that the petitioner could pursue remedies through civil courts for specific performance, and noted issues of maintainability regarding the filing by a power of attorney holder, although it proceeded to adjudicate on the merits. en-us Wed, 23 Sep 2020 00:00:00 +0530 Wed, 30 Oct 2024 14:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403655 The NCLT Mumbai Bench dismissed the Company Petition under Section 9 of the IBC, ruling that the transaction in question did not qualify as an operational debt. The Tribunal determined that the transaction was akin to a sale agreement, not involving goods or services from the creditor to the debtor. Consequently, the Corporate Insolvency Resolution Process was not initiated. The Tribunal clarified that the petitioner could pursue remedies through civil courts for specific performance, and noted issues of maintainability regarding the filing by a power of attorney holder, although it proceeded to adjudicate on the merits. Case-Laws IBC Wed, 23 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403655