Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process ... financial creditor or operational creditor. A distinction is made by the Code between debts owed to financial creditors and operational creditors. A financial creditor
priority to any other creditor; interests of all stakeholders,
including financial
(b) liquidation value due to creditors and operational
operational creditors and creditors ... includes a financial creditor, an
operational creditor, a secured creditor, an unsecured creditor
and a decree-holder’.
“Operational creditor” has been defined to mean
financial creditor, an operational creditor, a
secured creditor, an unsecured creditor, and a decree-holder. The
definition of “creditor” under Section ... creditor', 'operational creditor' and
'corporate applicant' have been defined as under:
Financial Creditor Operational Creditor Corporate Applicant
Section 5 . Definitions
invoking the IBC. Here the
creditors are classified into two broad categories: (i) Financial
Creditors; and (ii) Operational creditors. A combined reading ... about the creation of two broad categories of creditors – the financial
creditors and the operational creditors by the IBC, nor about the differential
criterion which
invoking the IBC. Here the
creditors are classified into two broad categories: (i) Financial
Creditors; and (ii) Operational creditors. A combined reading ... about the creation of two broad categories of creditors – the financial
creditors and the operational creditors by the IBC, nor about the differential
criterion which
invoking the IBC. Here the
creditors are classified into two broad categories: (i) Financial
Creditors; and (ii) Operational creditors. A combined reading ... about the creation of two broad categories of creditors – the financial
creditors and the operational creditors by the IBC, nor about the differential
criterion which
Creditors 0.64 0.32 50% has been proposed to be paid
(Employees) considering the nature and importance
of the employees
Other Operational 41.19 6.53 Operational Creditors ... operating creditors such as the
respondent Commercial Tax Department.
43. Mere paper publications of notice to the financial creditors and the
operational creditors
Creditors 0.64 0.32 50% has been proposed to be paid
(Employees) considering the nature and importance
of the employees
Other Operational 41.19 6.53 Operational Creditors ... with a view to defeat the
rights of scores of creditors including operating creditors such as the respondent
Commercial Tax Department
default for the payment committed by the petitioner / Corporate Debtor. The operational creditor has sent notice to the branch office of the respondent at Chennai ... creditor does not receive any payment from the corporate debtor or notice of the dispute under sub-section (2) of Section 8, the operational creditor
goods/services. The alleged amount is an
operational Debit and the Respondent/Plaintiff is an Operational Creditor as
defined under Section ... committee of
creditors which shall consists of all Financial Creditors. In the event of three
being no financial creditors the operational creditors shall constitute
