person and includes
a financial debt and operational debt"
13. 'Default' has been defined in sub-section (12) of Section 3, which ... person to whom
such debt has been legally assigned or transferred to.
15. 'Financial Debt' has been defined under sub-section
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
Clause (1) of Section 2
of the Act defines an “agriculturist”, clause (4)
defines a “debt”, clause (5) defines a “debtor”
and the two Explanations ... recent State Debt
Relief Acts include relief against loans granted by banks. For instance, the Kerala
Farmers’ Debt Relief Commission Act, 2006 defines “debt
case inasmuch as Section 2(c)
of the said Act defines 'Debt' which specifically
excludes a judgment on debt. Section 2(c) reads ... debt" means any liability for an
ascertained sum of money and includes a
debt payable in kind, but does not include a
judgment debt
both the 'Financial
Debt' and 'Operational Debt'.
45. Whether there is a 'default' of debt required to be noticed ... whom such debt has been
legally assigned or transferred to.
48. 'Financial Debt', on the other hand defined under Section 5(8) means
operational debt is owed and includes any person to
whom any such debt has been legally assigned or transferred. Operational
debt is defined under Section ... substituting the word payment
for the word repayment. Therefore, operational debt, as defined under
Section 5(21) of the Code, presently means a claim
debt is owed and includes any person to
whom any such debt has been legally assigned or transferred. 'Operational
debt' is defined under ... word 'repayment'. Therefore, 'operational debt', as defined under
11
Section 5(21) of the Code, presently means a claim in respect
fall within
the purview of the term "debt" as defined under
Section 2(g) of the said ... Tribunal both failed to appreciate the
meaning of the word "debt" defined under Section 2(g)
of the said Act which according
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
sense that the "debt", which may also
include a disputed claim, is not due. A debt ... payment of debt which has become due. Section
3(11) defines 'debt' as a liability or obligation in respect of a claim which
