Parties cleverly attempted to convert operational debt into financial debt: NCLT junks Section 7 petition

NCLT held that an operational credit cannot be converted into a financial debt if the financial creditor is not eligible to advance a loan as per Section 186 of the Companies Act.

Related Keywords

Yashu Gupta ,Brahm Datt Verma , ,Corporate Insolvency Resolution Process ,Bankruptcy Code ,Companies Act ,Advocate Brahm Datt Verma ,Nclt ,Cibc ,Kibbi ,Scirp ,Jambudwip Exports ,Up Bone Mills ,Justice Abni Ranjan Kumar Sinha ,Ln Gupta ,Financial Creditor ,Corporate Debtor ,Section 186 2 Of The Companies Act ,013 ,Operational Debt ,Financial Debt ,Inter Corporate Loan ,