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Tag Archive for "operational-debt" -

CentrikBlogsOperational debt

Tag: Operational debt

Sundaresh Bhatt, Liquidator of ABG Shipyard vs. Central Board of Indirect Taxes and Customs

Posted by AdminPosted on February 11, 2023February 13, 20230 CommentsCategories Authentic Legal Advice, Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags Central Board of Indirect Taxes and Customs, Corporate Debtor under liquidation, Insolvency and Bankruptcy Code, Interim resolution professional, legal implication in terms of the Customs Act, liquidation proceedings of ABG Shipyard, Liquidator of ABG Shipyard, Operational debt

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”.

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Operational Debt Includes Advance Payment Made to a Corporate Debtor for the supply of Goods or Services: SC

Posted by Advocate Chetna BishtPosted on February 4, 20230 CommentsCategories Government Advisory, Legal Advisory, Tax AdvisoryTags advance payment given to a corporate debtor for the supply of goods or services, Claim of refund of advance payment, corporate debtor, financial debt under IBC, Is advance payment an operational debt?, operational creditor under ibc, Operational debt, Operational Debt under IBC, operational debt vs financial debt

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.

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Mobilization Advance is Financial Debt or Operational Debt?

Posted by shravyapathakPosted on September 15, 20220 CommentsCategories Corporate Litigation-All In Way, Debt Recovery Management, Insolvency & Bankruptcy Code 2016Tags advance against goods is operational debt, advance operational debt, an application before NCLT, appeal before NCLAT, CIRP was initiated against the corporate debtor, mobilization advance rules, Mobilization in construction, Operational debt, Resolution Professional rejected the claims, What is Mobilization Advance, what is mobilization advance in construction

Mobilization Advance is an Operational Debt and not a Financial Debt referring to the abovementioned Supreme Court Judgement.

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Relief for Creditors – NCLAT paves way for extending the period of limitation

Posted by Amar VivekPosted on August 8, 2020September 23, 20200 CommentsCategories Debt Recovery Management, Insolvency & Bankruptcy Code 2016, Legal AdvisoryTags Appeal Filed against the order by NCLT Mumbai Bench, CIRP as an Operational Creditor under IBC, Issue of Limitation, Limitation Period of Debt, Longstanding Opertaional Debt, Operational debt, Period of Limitation, Recovery of long-standing Operational Debt, Relief for Creditors

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.

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Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy Code

Posted by Stupti BanerjeePosted on April 5, 201852 Comments on Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy CodeCategories Debt Recovery ManagementTags Action against the corporate Debtors, Financial debt, Insolvency code for recovery of dues, insolvency resolution process against the corporate debtor, Operational debt, recovery of the debt by the creditors, Supplier of Goods and Services

To initiate recovery procedure one can approach the National Company Law Tribunal which exercises the power to dispose cases under Insolvency Code.

52 Comments on Proceed to NCLT for recovery of dues under Insolvency & Bankruptcy Code
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