Case of “Sundaresh Bhatt, Liquidator of ABG shipyard vs. Central Board of Indirect Taxes and Customs, in which it was held that the IBC provisions will prevail over the provisions laid down in the “Customs Act, 1962” and also set aside the order of the NCLAT”.
Tag: Operational debt
Operational Debt Includes Advance Payment Made to a Corporate Debtor for the supply of Goods or Services: SC
A debt arising from an advance payment given to a corporate debtor for the supply of goods or services would be deemed an operational debt.
Mobilization Advance is Financial Debt or Operational Debt?
Mobilization Advance is an Operational Debt and not a Financial Debt referring to the abovementioned Supreme Court Judgement.
Relief for Creditors – NCLAT paves way for extending the period of limitation
The limitation period cannot be extended, given the statutory provision under Section 19 of the Limitation Act as the Corporate Debtor has made part payment after expiration of the period of limitation.
Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy Code
To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.
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