https://www.taxtmi.com/caselaws?id=425275 The Tribunal dismissed the Company Petition under section 9 of the Insolvency and Bankruptcy Code, 2016, as an investment made by a director in the company for movie production did not qualify as operational debt under the Code. The Tribunal held that operational debt is limited to claims related to goods, services, or repayment of dues to government entities, excluding investments for specific projects. The Petitioner was advised to explore alternative legal options, emphasizing that the director's investment did not align with operational debt criteria. en-us Thu, 14 Jul 2022 00:00:00 +0530 Wed, 20 Jul 2022 09:23:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425275 The Tribunal dismissed the Company Petition under section 9 of the Insolvency and Bankruptcy Code, 2016, as an investment made by a director in the company for movie production did not qualify as operational debt under the Code. The Tribunal held that operational debt is limited to claims related to goods, services, or repayment of dues to government entities, excluding investments for specific projects. The Petitioner was advised to explore alternative legal options, emphasizing that the director's investment did not align with operational debt criteria. Case-Laws Insolvency and Bankruptcy Thu, 14 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425275