Amount given as Share Application Money not Financial Debt under IBC: NCLT

Amount given as share application money not financial debt under IBC, rules NCLT
Amount - Share Application Money - Financial Debt - IBC - NCLT - TAXSCAN

The Kolkata Bench of the National Company Law Appellate Tribunal (NCLT) held that the amount given as share application money is not financial debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The petition has been filed by Mittson Fille Enterprise, the Financial Creditor represented by its Partner, Mrs. Neha Choudhary under section 7 of…

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