Technical debt is very real and can complete fuck companies.
Even though the situation you described is unfortunate, I don't think it has any relationship with the concept of technical debt.
The term "technical debt" conveys the idea that a resource is invested in a way that requires to be repaid later. The whole concept revolves around the idea that taking shortcuts doesn't eliminate the need to actually do the work to make things then right way. Rushing to a deliverable can leave a mess in your wake, but cleaning up that mess is also work that needs to be done and doesn't magically go away.