S.5(21) of the Insolvency and Bankruptcy Code: Does Refundable Advance Constitute Operational Debt?

AUTHORED BY: GAURAV PURI (MANAGING PARTNER, GLS LAW OFFICES) Introduction Since the inception of the Insolvency and bankruptcy Code (hereinafter ‘Code’), the legislation has been shrouded in conjecture and uncertainty leading to very frequent release of clarifications, amendments and a dire need for judicial precedents. In Swiss Ribbons, the two types of debt envisaged by […]