https://www.taxtmi.com/caselaws?id=757023 NCLAT dismissed the appeal challenging the rejection of a prayer to quash an Expression of Interest (EoI) issued by a financial creditor for selecting a new operation and maintenance contractor. The tribunal held that the EoI did not breach Section 14(1)(d) of the IBC as the corporate debtor was merely an operation and maintenance contractor, not in occupation or possession of the facility. The facility ownership remained with the original owner under the Facility Use Agreement. The corporate debtor's non-payment of facility use charges justified the financial creditor's action to appoint a new contractor. en-us Mon, 12 Aug 2024 00:00:00 +0530 Wed, 14 Aug 2024 08:32:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757023 NCLAT dismissed the appeal challenging the rejection of a prayer to quash an Expression of Interest (EoI) issued by a financial creditor for selecting a new operation and maintenance contractor. The tribunal held that the EoI did not breach Section 14(1)(d) of the IBC as the corporate debtor was merely an operation and maintenance contractor, not in occupation or possession of the facility. The facility ownership remained with the original owner under the Facility Use Agreement. The corporate debtor's non-payment of facility use charges justified the financial creditor's action to appoint a new contractor. Case-Laws Insolvency and Bankruptcy Mon, 12 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757023