Initiation of CIRP - operational debt claimed by RCL was due and ...

Insolvency and Bankruptcy

May 11, 2024

Initiation of CIRP - operational debt claimed by RCL was due and payable or not - While the initial operational debt was cleared, issues related to GST payments and credits were highlighted as unresolved. However, these were not part of the original claim under the CIRP application, hence could not be considered as grounds for insolvency under the IBC framework. - The Tribunal allowed the appeal, setting aside the order admitting the corporate debtor into CIRP. It acknowledged the full payment of the operational debt but noted the corporate debtor's responsibility concerning the GST issues, suggesting that the creditor might pursue other legal remedies for this part of the debt.

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Initiation of CIRP - operational debt claimed by RCL was due and ...

Insolvency and Bankruptcy

May 11, 2024

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