Adv Swarnika Aggarwal

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Section 5(8) of Insolvency and Bankruptcy Code, 2016 define the term “financial Debt”:- As per clause (d) of the said section the amount of any liability in respect of any lease or hire purchase contract which is deemed as finance or capital lease under the Indian Accounting Standard or such other accounting standard as may be prescribed. Meaning of Financial or Capital Lease ......

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There are conflicting view of various NCLT benches regarding whether the Sole Proprietorship Firm entitled to file application under Section 7(Financial Creditor) and Section 8 (Operational Creditor) Section 5(7) Financial Creditor: - Financial Creditor means any person to whom a financial debt is owed.Section 5(20) Operational Creditor:-Operational Creditor means any person to whom operational d......

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