This case involves an appeal against an order dated December 11, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The Adjudicating Authority held that a foreign decree cannot be executed in the absence of a certified copy from a superior court of a reciprocating territory. The Adjudicating Authority rejected the application under Section 9 of the I&B Code, stating that the appellants do not fall within the meaning of 'Operational Creditor' and the amount due is not an 'Operational Debt'. The appellants had filed a suit in the US District Court seeking a money judgment for breach of a license agreement.
Usha Holdings LL.C. & Anr. filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, dated December 11, 2017. The Adjudicating Authority ruled that a foreign decree could not be executed without a certified copy from a superior court of a reciprocating territory. The Adjudicating Authority also rejected the appellant's application under Section 9 of the I&B Code, determining that the appellants did not qualify as 'Operational Creditors' and the debt was not an 'Operational Debt'. A Memorandum of Understanding (MOU) was made in 2008 between Gaurav Marya and India JV to operate Francrop License in India. Francorp International, INC. had a license agreement with Francorp Advisors Private Limited
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The Adjudicating Authority (National Company…
A private and confidential MOU was made…
This case involves an appeal against an order dated December 11, 2017, passed by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi. The Adjudicating Authority held that a foreign decree cannot be executed in the absence of a certified copy from a superior court of a reciprocating territory. The Adjudicating Authority rejected the application under Section 9 of the I&B Code, stating that the appellants do not fall within the meaning of 'Operational Creditor' and the amount due is not an 'Operational Debt'. The appellants had filed a suit in the US District Court seeking a money judgment for breach of a license agreement.
Usha Holdings LL.C. & Anr. filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi, dated December 11, 2017. The Adjudicating Authority ruled that a foreign decree could not be executed without a certified copy from a superior court of a reciprocating territory. The Adjudicating Authority also rejected the appellant's application under Section 9 of the I&B Code, determining that the appellants did not qualify as 'Operational Creditors' and the debt was not an 'Operational Debt'. A Memorandum of Understanding (MOU) was made in 2008 between Gaurav Marya and India JV to operate Francrop License in India. Francorp International, INC. had a license agreement with Francorp Advisors Private Limited
…The Adjudicating Authority (National Company…
A private and confidential MOU was made…