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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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