NCLAT, New Delhi Bench has held that claims towards rent of leasehold property do not fall within the definition of the operational debt under IBC.
Once the resolution plan is approved and is implemented under IBC, no issue can be raised at a later stage when resolution Process Costs and fees of the Resolution Professional.
It was held that if the dispute is raised after the time period allowed in the demand notice, then this may not be a ground for rejecting the insolvency petition by operational creditor.
The Limitation Act will be applied upon any application or petition or claim or appeal is filed before the adjudicating authority or tribunal i.e. NCLT or NCLAT.
The Essar Steel matter has raised a valid and crucial point of inordinate delays which is a big concern as it was the important provision of IBC, time bound resolution. If this purpose fails, the whole motive of IBC will fall apart.
A detailed article on NCLT and DRT and the difference between them and how can corporate bodies approach NCLT against their borrowers/debtors.
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