The National Company Law Tribunal’s (NCLT) Delhi bench has dismissed Bollywood actor Akshay Kumar’s plea to initiate insolvency proceedings against ed-tech company Cue Learn Pvt. Ltd.
Kumar had filed a plea against the edtech under Section 9 of the Insolvency and Bankruptcy Code (IBC) over the non-payment of ₹4.83 crore as part of a 2021 endorsement agreement, terming the dues operational debt.
However, the tribunal, in its judgment delivered on 7 January, held that Kumar’s claims did not qualify as operational debt under the IBC. “We conclude that the application filed by the applicant/operational creditor (Akshay Kumar) under Section 9 of the Code for initiating CIRP (corporate insolvency resolution process) against the…
