NCLT JUDGEMENT ON SECTION 5(21), 8, 9, 9(3)(b) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, SECTION 23 OF INDIAN CONTRACT ACT, 1872 AND SECTION 20(A), 33 OF THE INDIAN MEDICAL COUNCIL ACT, 1956
Pathology Laboratory Vs. Bigdream Ventures Private Limited, (2020) 08 NCLT CK 0053 NCLT dismissed the application filed by the Operational Creditor/Petitioner, under Section 9 of Insolvency & Bankruptcy Code, 2016 (Code) against the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). While dismissing the application NCLT held that we need to look at the definition of an Operational Debt as defined under section 5(21) of the IBC reads as below; "a claim in respect of the provisions of goods or services including employment or a debt in respect of the repayment 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". j) Be that as it may, the petitioner has not been able to establish a contractual relationship with the corporate Debtor, as the very basis of claim namely the Invoice is in the name of (third party) and as such the claim does not tantamount to a...