The National Company Law Tribunal (NCLT) has dismissed Bollywood actor Akshay Kumar’s petition to start insolvency proceedings against Cue Learn Pvt. Ltd, according to a news report. The bench, consisting of Judicial Member MS Shanmuga Sundaram and Technical Member Dr. Sanjeev Ranjan, ruled that Kumar’s claim was based on pending payments under a contract, which do not qualify as operational debt under the Insolvency and Bankruptcy Code (IBC), a report on Bar and Bench said.
The report cited NCLT as explaining, “As the debt in question does not qualify as operational debt, we do not deem it appropriate to delve into further facts and merits of the case. The essence of the IBC lies in resolving insolvency matters through a process…
