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Sep 30, 2019

Ex-Parte Foreign Decree (which is Pending Execution in India) Does Not Constitute Debt under IBC unless Payable under Indian Law

The NCLAT, in its decision dated July 3, 2019,[1] has held that a foreign decree which was pending execution in India has not yet crystallized into “debt payable in law” and, therefore, the foreign decree holder could not rely on such a decree (which was passed ex-parte for default of appearance of the corporate debtor) for initiating proceedings under the IBC.

[1] Peter Johnson John v. KEC Industries Limited, Company Appeal (AT) (Insolvency) No. 188 of 2019 (NCLAT).

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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