This new Best Legal noticed your NCLT and you may NCLAT inside the over ignorance of one’s purpose of your own Code in addition to inclusive definition out-of ‘financial debt’ inside the Point 5(8) provides kept you to definitely attention totally free financing try not to fall for the ambit of label credit card debt
The newest Apex Judge held that the judgment and you may order of your own NCLAT, affirming the wisdom and you will purchase of one’s NCLT and dismissing brand new attract try patently defective once the both Tribunals keeps misunderstood the fresh definition of ‘monetary debt’ during the Area 5(8) of your own IBC, from the learning a similar into https://loansavesolutions.com/installment-loans-ky/ the isolation and you may away from context.