The NCLAT held that the inter-corporate deposit in a joint venture cannot be a financial debt under IBC.
The National Company Law Appellate Tribunal (‘NCLAT’), has held that financial assistance given by one party to another in a Joint Venture Agreement (‘JVA’) by way of an Inter Corporate deposit cannot be Financial Debt under the Insolvency Bankruptcy Code (IBC), 2016. Ansal Housing Limited, the appellant filed the appeal under Section 61 of the…
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