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Admit UBI's claims of ₹208 cr: NCLT directs liquidator
Mint Mumbai
|December 01, 2023
The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the liquidator of insolvent firm Bharati Defence and Infrastructure Ltd to admit Union Bank of India’s claim amounting to ₹208 crore as an operational debt.
The liquidator had rejected the state-owned bank’s claim in February 2019 saying it did not qualify as a financial debt–as had been initially filed–under the provisions of the Insolvency and Bankruptcy Code (IBC). The liquidator had also said the claim had not been filed in time.
Section 5(21) of the IBC defines operational debt as a claim in respect of the provision of goods or services including employment.
Dit verhaal komt uit de December 01, 2023-editie van Mint Mumbai.
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