https://www.taxtmi.com/caselaws?id=312677 The Appellate Tribunal dismissed the appeal against the rejection of an application under Section 9 of the IBC, determining that the claim did not constitute operational debt. The Adjudicating Authority found that the Joint Development Agreements (JDAs) established a partnership with profit-sharing, not a debtor-creditor relationship. The Tribunal emphasized the contractual nature and arbitration provisions within the JDAs, concluding that the parties' relationship involved ongoing business liabilities rather than operational debt. The appeal was dismissed due to insufficient grounds, underscoring the significance of contractual agreements in defining liabilities in commercial relationships. en-us Mon, 01 Aug 2022 00:00:00 +0530 Fri, 01 Mar 2024 18:03:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312677 The Appellate Tribunal dismissed the appeal against the rejection of an application under Section 9 of the IBC, determining that the claim did not constitute operational debt. The Adjudicating Authority found that the Joint Development Agreements (JDAs) established a partnership with profit-sharing, not a debtor-creditor relationship. The Tribunal emphasized the contractual nature and arbitration provisions within the JDAs, concluding that the parties' relationship involved ongoing business liabilities rather than operational debt. The appeal was dismissed due to insufficient grounds, underscoring the significance of contractual agreements in defining liabilities in commercial relationships. Case-Laws Insolvency and Bankruptcy Mon, 01 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312677