Initiation of CIRP - It can be concluded that the claim arising ...

License to Use Property Not Considered Operational Debt u/s 5(21) of Insolvency and Bankruptcy Code, 2016.

October 22, 2020

Case Laws     Insolvency and Bankruptcy     Tri

Initiation of CIRP - It can be concluded that the claim arising out of grant of licence to use immovable property does not fall in the category of goods or services including employment and is also not a debt for the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government, or any Local Authority, as defined under Section 5(21) of IBC, 2016. Thus, the amount claimed in the present petition is not an unpaid operational debt and therefore the Application cannot be allowed. - Tri

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