NCLT Chandigarh: Indemnity Obligation Can't Be Treated As Operational Debt For Lack Of Privity

The National Company Law Tribunal Chandigarh bench of Harnam Singh Thakur(Judicial Member) and LN Gupta (Technical Member) held that indemnity obligation pertaining to a guarantee is not applicable in cases involving operational debt. An indemnity obligation refers to a commitment by one party (the indemnifier) to compensate another party (the indemnitee) for losses or damages...