Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
IBC - Highlights / Catch Notes

Home Highlights January 2021 Year 2021 This

CIRP Proceedings - Operational Debts or Financial Debts - ...


Guarantees for payment defaults in product sales not financial debts u/s 5(8)(f) of Insolvency Code.

January 9, 2021

Case Laws     Insolvency and Bankruptcy     Tri

CIRP Proceedings - Operational Debts or Financial Debts - financial guarantor - The guarantee essentially was for payment against default in the sale consideration of the products agreed to be purchased respectively from Respondent Nos. 2 and 3. The guarantees being not a liability arising out of the transaction in terms of section 5(8)(f) of the Code, would not come within the purview of the financial debt. - Tri

View Source

 


 

You may also like:

  1. Initiation of CIRP - the ‘Lease’ in the instant case, is a ‘Financial Lease’ and comes to an irresistible conclusion that there is ‘Financial Debt’ as per section 5(8)...

  2. CIRP process - security deposit and/or intercorporate deposit - Whether this ‘Security Deposit’ and the interest thereon would fall within the ambit of the definition of...

  3. The Appellate Tribunal dismissed the Section 7 application filed by the Appellant, ruling that the share application money deposited by the Appellant with the Corporate...

  4. Initiation of CIRP - real estate project - The nature of Debt is a "Financial Debt" as defined under section 5(8) of the Code. It has also been established that there is...

  5. Initiation of CIRP - the nature of Debt is a "Financial Debt" as defined under section 5 (8) of the Code. It has also been established that there is a "Default" as...

  6. This legal summary concerns the maintainability of a Section 7 application for initiating the Corporate Insolvency Resolution Process (CIRP) against a Corporate Debtor....

  7. The NCLAT upheld the admission of the Section 7 application filed by the Financial Creditor (Respondent No.1) for initiating CIRP against the Corporate Debtor. It held...

  8. Corporate Insolvency Resolution Process (CIRP) against guarantor - corporate debtor admittedly being corporate guarantor to the money borrowed by the principal borrowers...

  9. Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

  10. Admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016, concerning the classification of a debt as a Financial Debt within the meaning of...

  11. The Appellate Tribunal held that personal guarantors who have not made any payment towards discharge of their guarantee cannot be considered financial creditors of the...

  12. Initiation of CIRP - A deposit is something more than a mere loan of money - the Appellant’s status is that of a ‘Financial Creditor’ as per Section 5(7) read with...

  13. Initiation of CIRP u/s 7 - classification of Commission on sales - Financial Debt or not - threshold limit - The Adjudicating Authority analyzed the definition of...

  14. Corporate debtor defaulted in repaying financial debt owed to financial creditor. NCLAT dismissed appeal, upholding orders of adjudicating authority. Transaction...

  15. CIRP - Status of NOIDA authority - Financial Creditors or Operational Creditors - dues outstanding under the lease - , in the lease in question, there has been no...

 

Quick Updates:Latest Updates