creditors have specified repayment schedules and
agreements which entitle such creditors to recall the loan in totality on
defaults being made, which the operational creditors ... them. Insofar as operational creditors having no vote in the committee
of creditors is concerned, this is because operational creditors are
typically interested only
owed and includes a financial creditor, an operational
creditor, a secured creditor, an unsecured creditor and a
decree-holder;
Sec. 3(11) “debt” means ... 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
Insolvency and Bankruptcy Code, 2016 when it comes to
operational debts owed to operational creditors. The appellant
was engaged by Star TV for conducting tele ... corporate insolvency resolution process by a
financial creditor or two or more financial creditors
jointly. The financial creditor can file an application
before the National
recoverable from the
said APNRL and as such, was an Operational Creditor. It
was submitted, that though the claim of the said appellant
was valid ... operational creditor. A dis
tinction is made by the Code between
debts owed to financial creditors and op
erational creditors. A financial creditor
has been
they
could be assimilated to anybody, it would be to operational
creditors, in which event it would be enough to state that there ... substance operational creditors, as
financial creditors, infracts the principle of equitable treatment of
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similarly situated creditors. Further, the UNCITRAL Legislative
Guide states that recognition
particular, which differentiated between secured and
unsecured creditors, most financial creditors being secured creditors
and most operational creditors being unsecured. They also argued
that ... once a creditor is
classified as a financial creditor, such creditor is entitled to equal
treatment with all other financial creditors, irrespective of whether
owed and includes a financial creditor, an
operational creditor, a secured creditor, an
unsecured creditor and a decree-holder;
(14) “financial institution” means ... ORDER TO PROVE THE EXISTENCE
OF OPERATIONAL DEBT AND THE AMOUNT IN
DEFAULT
I, [Name of the operational creditor / person
authorised to act on behalf
owed and includes a
financial creditor, an operational creditor, a secured creditor, an unsecured
creditor and a decree-holder;
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(11) “debt” means a liability ... Where any corporate debtor commits a default, a financial creditor, an
operational creditor or the corporate debtor itself may initiate corporate
insolvency resolution process
does not maximise value for
'Financial Creditors'.
vi. Therefore, the dues of creditors of 'Operational
Creditors' must get at least similar ... discriminate between two set of creditors similarly
situated such as 'Financial Creditors' or the
'Operational Creditors' cannot be approved being
illegal
unpaid operational debt;
(c) a copy of the certificate from the financial institutions maintaining
accounts of the operational creditor confirming that there is no payment ... unpaid
operational debt by the corporate debtor or such other information,
as may be prescribed.
(4) An operational creditor initiating a corporate insolvency resolution
process
