Supreme Court of India
Global Credit Capital Limited & Anr. v. Sach Marketing Pvt. Ltd. & Anr
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the view taken by the NCLAT under the impugned judgments and orders is correct and will have to be upheld.
Judgment, page 26
From the headnote
Issue for Consideration (i) Whether there can be debt within the meaning of sub-section (11) of section 5 of the Insolvency and Bankruptcy Code, 2016; (ii) What is the test to determine whether a debt is a financial debt within the meaning of sub-section (8) of section 5 of the 2016 Code; (iii) Is it necessary to ascertain what is the real nature of the transaction reflected in the writing, while deciding the issue whether a debt is a financial debt or an operational debt; (iv) When is the debt, an operational debt. Headnotes Insolvency and Bankruptcy Code, 2016 – Whether there can be debt
Authorities it was built on
- 2019 Swiss Ribbons Pvt. Ltd. & Anr. v. Union of India & Ors.
- 2019 Pioneer Urban Land and Infrastructure Limited & Anr. v. Union of India & Ors.
- 2020 Anuj Jain Interim Resolution Professional for Jaypee Infratech Limited v. Axis Bank Limited Etc. Etc.
- 2021 Phoenix Arc Private Limited v. Spade Financial Services Limited & Ors.
- 1997 M/s Tuticorin Alkali Chemicals and Fertilizers Ltd., Madras v. Commissioner of Income Tax, Madras
- 2022 New Okhla Industrial Development Authority v. Anand Sonbhadra
- 2022 M/s Consolidated Construction Consortium Limited v. M/s Hitro Energy Solutions Private Limited
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