Initiation of CIRP - Financial Debt - privity of contract ...

LLP Partners Can Bind Firm: Appellant Must Prove Debt as 'Financial Debt' u/s 5(8) of Insolvency Code.

May 7, 2022

Case Laws Insolvency and Bankruptcy AT

Initiation of CIRP - Financial Debt - privity of contract between Petitioner and Corporate Debtor - It is pertinent to mention that the Appellant has for the first time, in this Appeal has pleaded that the partners can bind the LLP and relies on cheque copies and the Balance Sheet reference. The onus to establish that the amount which is ‘due and payable’ falls within the ambit of the definition of ‘Financial Debt’, as defined under Section 5(8) of the Code, is on the Appellant herein. - AT

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Initiation of CIRP - Financial Debt - privity of contract ...

LLP Partners Can Bind Firm: Appellant Must Prove Debt as 'Financial Debt' u/s 5(8) of Insolvency Code.

May 7, 2022

Case Laws Insolvency and Bankruptcy AT

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