respect of such a
debtor, that the expression "Debt" has been defined. However, even in
W.P.(C.) No.2404/2019 Page ... particular area.‖
42. The proviso to Section 9 shows that the defined debts of debtors (as
defined under the PRI Act), if they exceed
being a financial creditor. According to him, there is no “debt” as
defined under the Code; there is no “borrowing” as there is no
temporary ... DEFINITIONS
Financial debt
1.1 Section 5(8) of the Code defines ‘financial debt’
to mean a debt along with interest, if any, which is
disbursed
person to
whom a financial debt is owed and a financial debt
is defined in Section 5(8) to mean a debt which is
Company ... means any person to whom a financial debt is owed and 'financial
debt' is defined in sub-section (8) of Section
Corporate Debtor was alleged, was
not a 'Financial Debt' as defined under Section 5(8) of the I&B Code despite ... Code, be it seen that the legal expression
'debt', defined under Section 3 (11) means a liability or obligation in respect
mean non-payment of debt when whole or any part or instalment of
amount of debt has become due and payable and is not paid ... corporate debtor as the case may be. The Code of 2016
defines debt in Section 3 (11) to mean a liability or obligation in
respect
have to determine:
(i) Whether there is an "operational debt"
as defined exceeding Rs.1 lakh? (See
Section ... 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
case was followed in giving to the provisions of the Recovery of Debts due to Banks and Financial Institutions Act 1993 (RDB Act) overriding effect ... decide applications from the banks and financial institutions for recovery of debts (defined to mean any liability which is claimed as due). The Act also
debt' as used in
Section 3(8) has to be a 'debt' defined under Section 3(11) as quoted above. It
must ... corporate entity and
shall include 'financial debt' and 'operational debt' as defined under section 5(8)
and 5(21) as quoted
debt.
20. Earl Jowitt in his definition of English law has
defined debt as follows:
::: Downloaded on - 29/09/2019 00:25:21 :::HCHP ... said contingency has happened....."
24. Black's Law Dictionary defines 'debt' as under:
1. Liability on a claim; a specific
Respondent has not considered forex losses which forms part
of Debt Servicing. The revenue savings / shortfall in revenue
deficit seen ... itself
considers this as Debt. Article 48 of the CA defines Debt Service
as "the sum of all payments on account of principal, interest
