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 ... from any person and includes a financial debt and
operational debt.” The word ‘claim’ has been defined in
15
Section 3(6) to mean inter
includes inter alia any financial asset. Section
2(1)(ha) defines 'debt' to mean the same as defined in clause (g) of
Section ... required,
they defined such terms. Some of the subjects enumerated in Lists of
the Seventh Schedule are defined in Article 366 of the Constitution
parties and does it qualify to be treated as financial debt as
defined under Section 5(8) of IBC, 2016.
ii. What is the date ... financial creditor" and
"financial debt" makes it clear that a financial debt is a
debt together with interest, if any, which
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
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
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
Appellant- ‘State Tax Officer
(1)’ comes within the meaning of ‘Operational Debt’ as
defined under Section 5(21) . The claim of the Appellant also
does ... debts owed to a secured creditor, which would include the State
under the GVAT Act , are to rank equally with other specified debts
including debts
operational debt exceeding Rupees 1,00,000/-
(Rupees One Lac); (ii) whether the evidence furnished with the
application showed that debt exceeding Rupees ... will have to determine:
(i) Whether there is an “operational debt” as
defined exceeding Rs 1 lakh? (See Section
operational debt exceeding Rupees 1,00,000/-
(Rupees One Lac); (ii) whether the evidence furnished with the
application showed that debt exceeding Rupees ... will have to determine:
(i) Whether there is an “operational debt” as
defined exceeding Rs 1 lakh? (See Section
process begins. Default is defined in Section 3(12) in very
wide terms as meaning non-payment of a debt, once it becomes
