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
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
Principal
Borrower nor owed any financial debt to the financial creditor
and had not committed any default in repayment of the stated
outstanding amount. This ... guarantee or indemnity, was also a
“financial debt” of the Corporate Debtor and for that reason, the
Financial Creditor respondent No. 1, could proceed under
debt is owed and includes a
financial creditor, an operational creditor, a secured creditor, an unsecured
creditor and a decree-holder;
25
(11) “debt” means ... includes a default
in respect of a financial debt owed not only to the applicant financial creditor
but to any other financial creditor
includes a
default in respect of a financial debt owed not only to the applicant
financial creditor but to any other financial creditor ... financial debt, the Adjudicating Authority has merely to see the
records of the information utility or other evidence produced by the
financial creditor, to satisfy
financial debt as defined under Section
5(8) of the Code, and Spade Financial Services Limited does
not qualify as a Financial Creditor under Section ... corporate debtor, constitute a committee of
creditors.
(2) The committee of creditors shall comprise all financial
creditors of the corporate debtor: Provided that a related
claimed only by similarly situated creditors.
Operational creditors stand on a different footing as compared to financial creditors.
They are entitled to receive payment ... exclusion of certain
financial debts and hence, the exclusion of certain financial creditors from the CoC,
pursuant to the order of the NCLT
guarantor, irrespective of
whether the creditor is a financial creditor or an operational creditor.
Treating financial creditors and operational creditors on an equal footing ... nature of loan
agreements with financial creditors, from contracts with operational creditors for sup-
plying goods and services. Financial creditors generally lend finance
made by the
Code between debts owed to financial creditors and
operational creditors. A financial creditor has been defined
under Section ... default is in respect of a financial debt
owed to any financial creditor of the corporate debtor — it
need not be a debt owed
