NCLT holds Edelweiss ARC’s plea against Om Omega Shelters lacks financial debt criteria under IBC | Representational Image
Mumbai: The National Company Law Tribunal (NCLT) has dismissed a Corporate Insolvency Resolution Process (CIRP) petition filed by Edelweiss Asset Reconstruction Company Limited ( financial creditor) against Om Omega Shelters Private Limited Corporate Debtor).
The NCLT held that the relationship between the parties did not constitute a financial debt but rather amounted to an investment for profit, specially as the financial creditor had already taken control of the project through the Maharashtra Government’s amnesty scheme.
Under this scheme, the Slum…