there is no real difference between financial creditors and
operational creditors. According to him, both types of creditors would
3
give either money in terms ... financial debtor, on the other
hand, no notice is given and the financial debtor is not entitled to
dispute the claim of the financial creditor
documentation requirements depending upon the type of
creditor, either financial or operational. A financial
creditor must submit a record of default by the entity ... debt
is owed and includes a financial creditor, an operational
creditor, a secured creditor, an unsecured creditor and a
decree-holder;
Sec. 3(11) “debt
fundamental
difference between applications filed by financial creditors and
operational creditors. A financial creditor’s application is dealt
with under Section 7 of the Code ... trigger the IRP?
Here, the Code differentiates between financial
creditors and operational creditors. Financial
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creditors are those whose relationship with the
entity
made by the Code between
debts owed to financial creditors and op
erational creditors. A financial creditor
has been defined under Section ... owed to any financial credi
tor of the corporate debtor — it need not
be a debt owed to the applicant financial
creditor. Under Section
commitment charges” under the head “financial costs”. As a
result, such allottees were held to be “financial creditors” within the
meaning of Section ... financial and operational
creditors was ignored. Secondly, he contended that by treating
home buyers, who are in substance operational creditors, as
financial creditors, infracts
extent of INR 196
crores, but only to trade creditors and government creditors. Small
trade creditors, defined as “having claims of less than one crore ... financial statements;
(c) audited financial statements of the corporate debtor for
the last two financial years and provisional financial
statements for the current financial year
support of not less than 75% of
voting share of the financial creditors constituting the
Committee of Creditors (for short “CoC”) the same stood ... November, 2017, inter alia submitting that for the financial
creditor who chose not to participate in the voting, the votes
and the majority be counted
Appellant/ Corporate Debtor and held that the application preferred
by the financial creditor - M/s. ICICI Bank - (respondent herein) is
complete under sub-section ... default in respect of any financial debt has
occurred. Sub-section (2) of Section 7 provides that the financial
creditor shall make an application
includes a default in
respect of a financial debt owed not only to
3
the applicant financial creditor but to any
other financial creditor ... financial
creditors he represents, who have cast
their vote, in order to facilitate
decision making in the committee of
creditors, especially when financial
creditors
substantial majority of 97.36% of voting share of the financial creditors,
several disputes/objections have come up from various stakeholders and
role players, voicing ... financial creditors in Form-C, by operational creditors in Form-B, by the
workmen and employees in Form-E and by other creditors in Form
