17/01/2020

NCLAT in the matter of Shameek Breweries Pvt. Ltd. vs Manoj Kumar Agarwal & Anr-NCLAT

Managing Director who is absconding, intimated that the Promoters are absconding and left India. The Enforcement Directorate has also initiated proceedings. Various allegations were levelled against the Promoters, which were noticed by the Adjudicating Authority who recalled the earlier order dated 10th April, 2019 by impugned order dated 26th April, 2019 and allowed the Corporate Insolvency Resolution Process to continue.

NCLAT in the matter of Shameek Breweries Pvt. Ltd. vs Manoj Kumar Agarwal & Anr-NCLAT Read Post »

Lease of immovable property cannot be considered as a supply of goods or rendering of any services and thus, cannot fall within the definition of Operational Debt – Mr. M. Ravindranath Reddy Vs. Mr G. Kishan & Ors. -NCLAT New Delhi

only if the claim by way of debt falls within one of the three categories as u/s 5(21) of the Code, can be categorised as an operational debt. In case
if the amount claimed does not fall under any of the categories mentioned as U/S 5(21) of the Code, the claim cannot be categorised as an operational debt, and even though there might be a liability or obligation due from one person, namely
Corporate Debtor to another, namely Creditor other than the Government or local authority, such a creditor cannot categorise itself as an “Operational
Creditor” as defined u/s 5(21) of the Code, 2016.
NCLAT held that lease of immovable property cannot be considered as a supply of goods or rendering of any services and thus, cannot fall within the definition of ‘Operational Debt.

Lease of immovable property cannot be considered as a supply of goods or rendering of any services and thus, cannot fall within the definition of Operational Debt – Mr. M. Ravindranath Reddy Vs. Mr G. Kishan & Ors. -NCLAT New Delhi Read Post »

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