Supreme Transport Organization Pvt. Ltd. filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which rejected their Section 9 application. The appellant had applied for a tender issued by Maharashtra Airport Development Company Ltd. and deposited earnest money (EMD) of Rs.5 Lakhs and Rs.2 Lakhs. The tenders were rejected on 29.08.2018 and 30.08.2018. The appellant claimed that the EMD was not refunded, leading to the Section 9 application. The Adjudicating Authority ruled that the EMD deposit was not an operational debt. The appellant argued that the EMD should be considered an advance payment and thus an operational debt, relying on a Supreme Court judgment. The court distinguished the facts, noting the

Supreme Transport Organization Pvt. Ltd. filed an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench-I, which rejected their Section 9 application. The appellant had applied for a tender issued by Maharashtra Airport Development Company Ltd. and deposited earnest money (EMD) of Rs.5 Lakhs and Rs.2 Lakhs. The tenders were rejected on 29.08.2018 and 30.08.2018. The appellant claimed that the EMD was not refunded, leading to the Section 9 application. The Adjudicating Authority ruled that the EMD deposit was not an operational debt. The appellant argued that the EMD should be considered an advance payment and thus an operational debt, relying on a Supreme Court judgment. The court distinguished the facts, noting the