determine the
following:-
G) Whether there is an "operational debt' as defined exceeding Rs |
lakh? (See Section 4 of the Act)
Company Appeal ... have to determine:
(i) Whether there is an "operational debt" as defined exceeding Rs. | lakh?
(See Section 4 of the Act)
Gi} Whether
person to whom a financial
debt is owed and a financial debt is defined in Section 5(8) to
mean a debt which is disbursed ... financial debt is defined as meaning a "debt".
"Debt" is defined by Section 3(11) of the Code as follows
person to whom a financial
debt is owed and a financial debt is defined in Section 5(8) to
mean a debt which is disbursed ... financial debt is defined as meaning a "debt".
"Debt" is defined by Section 3(11) of the Code as follows
financial debt and operational debt;
(12) “default” means non-payment of debt when
whole or any part or installment of the amount of
debt ... Pending Proceedings) Rules, 2016 defines the “Act” as
meaning the Companies Act, 1956 .
18
ground of inability to pay its debts pending before a
High
person
to whom a financial debt is owed. The expression “financial debt”
has been defined in Section 5(8) . Amongst other categories
specified therein ... from any person and includes a financial
debt and operational debt. The expression “debt” in Section 3(11)
is wide enough to include liability
prescribed
therein commences from the date of default; and that acknowledgment of
debt in the balance sheet or annual report does not give any fresh ... expressions generally used in the Insolvency and Bankruptcy
Code, 2016 are defined in Section 3 thereof. The relevant definitions
occurring in Section
debt other than a penalty; or
(III)on a guarantee, where the claim against the principal is in respect of a debt or liquidated demand ... BLACK'S Law Dictionary (6th Ed.) defines "Debt" as under :
"A sum of money due by certain and express agreement
imposed by
him. …”
42. Even otherwise, in this case, the quantum of debt was well in
excess of Rs. 1 crore and many times ... company as defined in clause (20) of
Section 2 of the Companies Act, 2013 (18 of 2013), a limited liability
partnership, as defined in clause
operational debt is owed and includes any person to whom
such debt has been legally assigned or transferred;”
Section 5(21) defines the meaning ... operational creditor, as defined, may,
on the occurrence of a default (i.e. on non-payment of a debt,
any part whereof has become
person to whom a financial debt is
owed and a financial debt is defined in Section 5(8) to mean
a debt which is disbursed ... becomes due and payable, the resolution
process begins. Section 3(11) defines ‘debt’ as a liability or
obligation in respect of a claim
