hundred and eightieth day;
Sec. 5(20) “operational creditor” means a person to
whom an operational debt is owed and includes any
person to whom ... such person shall be considered to be an
operational creditor to the extent of the operational debt
owed by the corporate debtor to such creditor
resolution by operational creditor.
(1) An operational creditor may, on the occurrence
of a default, deliver a demand notice of unpaid
operational debt or copy ... resolution by operational creditor.
(1) An operational creditor may, on the occurrence
of a default, deliver a demand notice of unpaid
operational debt or copy
debt" means a liability or obligation in respect of a
claim which is due from any person and includes a financial debt
and operational ... this clause;
Section 5(20) : “operational creditor” means a person to whom
an operational debt is owed and includes any person to whom
such debt
OPERATIONAL DEBT
1. TOTAL AMOUNT OF DEBT, DETAILS
OF TRANSACTIONS ON ACCOUNT OF
WHICH DEBT FELL DUE, AND THE
DATE FROM WHICH SUCH DEBT
FELL ... OPERATIONAL
DEBT
1. TOTAL AMOUNT OF DEBT,
DETAILS OF TRANSACTIONS ON
ACCOUNT OF WHICH DEBT FELL DUE,
AND THE DATE FROM WHICH SUCH
DEBT FELL
listed in case of fresh issue) securities issued by Infrastructure debt funds operating as a Non-Banking Financial Company and regulated by the Reserve Bank ... listed in case of fresh issue) units issued by Infrastructure Debt Funds operating as a Mutual Fund and regulated by Securities and Exchange Board
Code”) can be invoked in respect
of an operational debt where an Arbitral Award has been
Signature Not Verified
passed against the operational debtor, which ... operational debts is to ensure that the
amount of such debts, which is usually smaller than
that of financial debts, does not enable operational
creditors
creditor" means any person to whom a debt is owed and includes a financial creditor, an operational creditor, a secured creditor, an unsecured creditor ... debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt
financial
institutions maintaining accounts of the operational
creditor confirming that there is no payment of an unpaid
operational debt by the corporate debtor ... construe Section 8 of the Code.
The operational creditors are those creditors to whom an
operational debt is owed, and an operational debt, in turn
operational debt;”
It is apparent that there can be debts which do not
necessarily fall in the definition of financial debt or
operational. Money borrowed ... operational debt. The
definition of ‘debt’ is also expansive and the same includes
inter alia financial debt. The definition of ‘Financial Debt’
in Section
does not include a financial debt or
operational debt substituted for existing financial debt
or operational debt.
(4) A preference shall be deemed ... debts are
imposed by the order, are to be proved in the
liquidation or the corporate insolvency resolution
process for financial debts or operational debts
