The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an Operational Creditor. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, through an order dated February 25, 2019, noted that the respondent did not fall within the meaning of 'Operational Creditor' but was an allottee of real estate, allowing the respondent to file an application under Section 7 of the I&B Code, based on the 'Explanation' below Section 5(8)(f) of the I&B Code.
The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming to be an Operational Creditor. The Adjudicating Authority, Mumbai Bench, found that the respondent was an allottee of real estate and not an Operational Creditor. However, the Adjudicating Authority allowed the respondent to file an application under Section 7 of the I&B Code. The appellant challenged this order, arguing that the amendment to the I&B Code, which inserted 'allottees' as 'Financial Creditors,' should not be applied retrospectively. The appellate tribunal dismissed the appeal, stating that it would not deliberate on the issue at this stage, as the respondent was only given liberty to file an application under Section 7. The appellant was given
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The respondent filed an application under…
The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, as an Operational Creditor. The Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai, through an order dated February 25, 2019, noted that the respondent did not fall within the meaning of 'Operational Creditor' but was an allottee of real estate, allowing the respondent to file an application under Section 7 of the I&B Code, based on the 'Explanation' below Section 5(8)(f) of the I&B Code.
The respondent filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, claiming to be an Operational Creditor. The Adjudicating Authority, Mumbai Bench, found that the respondent was an allottee of real estate and not an Operational Creditor. However, the Adjudicating Authority allowed the respondent to file an application under Section 7 of the I&B Code. The appellant challenged this order, arguing that the amendment to the I&B Code, which inserted 'allottees' as 'Financial Creditors,' should not be applied retrospectively. The appellate tribunal dismissed the appeal, stating that it would not deliberate on the issue at this stage, as the respondent was only given liberty to file an application under Section 7. The appellant was given
…The Adjudicating Authority (National Company…
The respondent filed an application under…