In M/s. Sree Sankeshwara Foundation and Investments vs M/s. Dugar Housing Limited, Company Appeal (AT) (Insolvency) No. 515 of 2019, appeal was filed against order of the NCLT rejecting the appellants claim as an Operational Creditor.
The NCLAT agreeing with NCLT observed that the Appellant along with Respondent (‘Corporate Debtor’) had executed Joint Development Agreement for construction of structure and allotment to allottees. Both of them being parties to a joint venture project, the Appellant cannot claim to be ‘Operational Creditor’ as it does not relate to supply of goods nor service rendered by the Appellant. If joint venture under any service to the allottees and for that to pay service tax it does not mean that the parties of the joint venture will render service to each other.
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