Mere fact of debt being due and payable in law is not enough to justify initiation of CIRP at the instance of Financial Creditor unless it establishes default on the part of the Corporate Debtor in regard to the debt – Park Energy Pvt. Ltd. Vs. Syndicate Bank – NCLAT New Delhi

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

IBC-Case Laws-NCLAT
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