https://www.taxtmi.com/caselaws?id=407770 Refundable security deposits and contractual default amounts arising from land aggregation, settlement and share purchase arrangements did not amount to operational debt because they were funding or security payments, not consideration for goods or services. A Section 9 insolvency petition based on such claims was also not maintainable where the dispute was essentially contractual, involved contested party identification, and was required to be pursued under the agreed dispute-resolution mechanisms rather than as a recovery forum. The application was therefore treated as premature and outside the proper scope of the Code. en-us Tue, 27 Apr 2021 00:00:00 +0530 Fri, 21 May 2021 08:29:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407770 Refundable security deposits and contractual default amounts arising from land aggregation, settlement and share purchase arrangements did not amount to operational debt because they were funding or security payments, not consideration for goods or services. A Section 9 insolvency petition based on such claims was also not maintainable where the dispute was essentially contractual, involved contested party identification, and was required to be pursued under the agreed dispute-resolution mechanisms rather than as a recovery forum. The application was therefore treated as premature and outside the proper scope of the Code. Case-Laws Insolvency and Bankruptcy Tue, 27 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407770