Claim for Refund of Security Deposit on Contractual Obligation Contingent on Executing Leave and License Agreement not Operational Debt under IBC: NCLAT [Read Order]

Scope of "operational debt" under the IBC does not encompass situations like security deposits unrelated to any immediate service rendered, rules NCLAT
kerala High Court - First Appellate Authority - Income Tax Department - Addition to buildings - Addition to electrical fittings - taxscan

The New Delhi Bench of the National Company Law Appellate Tribunal ( NCLAT ) observed that the refund of Security Deposit on contractual obligation contingent on executing leave and license agreement is not Operational Debt under the Insolvency and Bankruptcy Code, 2016 ( IBC ). The appeal was filed by Carestream Health India Private Limited…

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