Detention Charges are Operational Debts under IBC: NCLT

NCLT rules Detention Charges is Operational Debt under IBC
NCLT - laws and rules - natinonal companies - Detention charges - operational debts - TAXSCAN

The Mumbai Bench of the National Company Law Tribunal ( NCLT ) observed that the detention charges is operational debt under the Insolvency and Bankruptcy Code, 2016 (IBC). The Company Petition was filed by ABC India Ltd. (“the Petitioner/Operational Creditor”) seeking to initiate Corporate Insolvency Resolution Process (“CIRP”) against Prabhakar Engineers Pvt. Ltd. (“Corporate Debtor”)…

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