creditors have specified repayment schedules and
agreements which entitle such creditors to recall the loan in totality on
defaults being made, which the operational creditors ... them. Insofar as operational creditors having no vote in the committee
of creditors is concerned, this is because operational creditors are
typically interested only
operational creditor to the extent of the operational debt
owed by the corporate debtor to such creditor.
(5) Where an operational creditor has assigned ... legally
transferred any operational debt to a financial creditor,
the assignee or transferee shall be considered as an
operational creditor to the extent of such
categories of
creditors: financial creditors where the liability to the
debtor arises from a solely financial transaction, and
operational creditors where the liability ... operational transaction
with the entity, the creditor will be considered a
financial creditor to the extent of the financial debt
and an operational creditor
recoverable from the
said APNRL and as such, was an Operational Creditor. It
was submitted, that though the claim of the said appellant
was valid ... triggered
by the corporate debtor itself or a finan
cial creditor or operational creditor. A dis
tinction is made by the Code between
debts owed
contended that to put home buyers in the financial creditor
category, instead of the operational creditor category, would then
blur this distinction and do away ... specific.
Further, the IBBI issued a claim form for “creditors
other than financial or operational creditors”, which
gave an indication that home buyers are neither
situated
creditors either inter se within financial creditors, who may be secured
or unsecured, and/or financial creditors vis-a-vis operational creditors.
The Code ... particular, which differentiated between secured and
unsecured creditors, most financial creditors being secured creditors
and most operational creditors being unsecured. They also argued
that
being recognized by our judgments that
a financial creditor and operational creditor are completely,
differently and separately dealt with in the Code, and that ... otherwise
requires,—
(10) “creditor” means any person to whom a debt is
owed and includes a financial creditor, an
operational creditor, a secured creditor
person;
…..
(10) “creditor” means any person to whom a debt is owed and includes a
financial creditor, an operational creditor, a secured creditor, an unsecured ... process.
—Where any corporate debtor commits a default, a financial creditor, an
operational creditor or the corporate debtor itself may initiate corporate
insolvency resolution process
maximise value for
'Financial Creditors'.
vi. Therefore, the dues of creditors of 'Operational
Creditors' must get at least similar treatment ... discriminate between two set of creditors similarly
situated such as 'Financial Creditors' or the
'Operational Creditors' cannot be approved being
illegal
that, when any corporate debtor
commits a default, a financial creditor, an operational creditor or the
corporate debtor itself may initiate corporate insolvency resolution
process ... application made by an operational creditor, if notice
of dispute has been received by the operational creditor and there is
no record of dispute
