Non Impleadment Of Owner As Party By Liquidator In Application U/S 19 Of IBC Not Malafide If Ownership Was Uncertain: NCLAT

The Supreme Court ruled that a financial creditor can submit a claim under the Insolvency and Bankruptcy Code (IBC) even if there is no default of debt. The case addressed the issue of whether a creditor could initiate insolvency proceedings without proving a default. The court held that the definition of "financial debt" under the IBC is broad enough to allow creditors to file claims even in the absence of a default. This ruling provides greater flexibility for creditors to seek relief under the IBC and clarifies the scope of claims that can be considered under insolvency proceedings.