Related Party Status Under IBC Upheld Due to Operational Interdependence Through Maintenance Agreement

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....NCLAT upheld the classification of appellant as a related party to the Corporate Debtor based on operational and financial interdependence established through the User Operated Maintenance Agreement (UOMA). The tribunal found that the appellant's attempt to terminate the agreement with one month's notice instead of the contractually required three months was invalid, as terms could not be modified without written consent. The interdependence demonstrated through the UOMA was sufficient to establish a related party relationship under the IBC framework. Appeal dismissed due to lack of merit in challenging the original classification.....