Transaction Ruled as Operational Debt, Not Financial Debt, Due to Lack of Disbursement to Corporate Debtor in Sale-Purchase Case.
X X X X Extracts X X X X
X X X X Extracts X X X X
....Nature of transactions entered between the parties - The transaction emanates from sale and purchase of goods in the present case. No disbursement was made to the Corporate Debtor, hence, the transactions cannot be held to be a financial debt - there are no error in the order of the Adjudicating Authority agreeing with the view of the RP that claim of the Appellant is only an ‘operational debt’. - AT....


TaxTMI