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SUPREME COURT HOLDS COLLUSIVE AND SHAM TRANSACTIONS WITH CORPORATE DEBTOR NOT CONSIDERED AS FINANCIAL DEBT

The Three Judge Bench of the #SupremeCourt has in a recent case of Phoenix Arc Private Limited vs Spade Financial Services Limited & Ors. passed a Judgment dated 01-02-2021 and held that firstly, as the Respondents are not #financialcreditors and secondly, as the Respondents are related parties of the #CorporateDebtor, they must be excluded from the #CommitteeofCreditors.


To read more, please visit the link below:


http://www.theindianlawyer.in/blog/2021/02/06/supreme-court-holds-collusive-and-sham-transactions-with-corporate-debtor-not-considered-as-financial-debt/


#financialdebt #financialcreditor #corporatedebtor #nclt #nclat #supremecourt #collusion

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