Prima Facie View of NCLAT: Enforcement Directorate To Be treated As Operational Creditor
The Hon’ble NCLAT while hearing the appeal filed by the successful Resolution Applicant expressed its prima facie that if the assets seized by the Enforcement Directorate are finally held that the assets were purchased out of the ‘proceeds of crime’ as per the Prevention of Money Laundering Act, in such case, the amount which is generated out of the assets will come under the definition of the ‘Operational Debt’ for which the Enforcement Directorate may file claim in terms of the I&B Code.
Obligation under “TAKE OR PAY” agreement:-is it operational Debt under IBC - EasyLegalTax
For filing Complaint for recovery of money under IBC the one should be either financial creditor or operational creditor. To qualify as creditor in either of the category- financial or operational creditor the one must be qualified as per the definition of owing financial debt or operational debt. It is always been and debated issue that weather a particular nature of debt will be termed as d e b t under the IBC law or not.
What is Insolvency & Bankruptcy Code- EasyLegalTax
Insolvency and Bankruptcy Code 2016 is one of the biggest steps undertaken by India towards much required economic reform of country. That’s why Government has rolled out such a code in a very speedy manner for its implementation