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
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 ... payment thereof.
If the claim of an operational creditor is undisputed and the
operational debt remains unpaid, CIRP must commence, for IBC
does not countenance
corporate debtor relating to a dispute of the unpaid operational debt;
(c) a copy of the certificate from ... financial institutions maintaining
accounts of the operational creditor confirming that there is no payment
of an unpaid operational debt by the corporate debtor, if available
Operational Creditor to the existence of a dispute, in relation to the
claim or to the payment of the unpaid operational debt.
72. Section ... long term credits, on
which the operation of the Corporate Debtor depends, cannot be
equated to operational debts which are usually unsecured, of a
shorter
money. As opposed to this, an operational creditor
means a person to whom an operational debt is owed and
an operational debt under Section ... means a notice served by an operational creditor to
the corporate debtor demanding payment of the operational
debt in respect of which the default
resolution by operational creditor.—(1) An operational
creditor may, on the occurrence of a default, deliver a demand notice of
unpaid operational debtor copy ... means a
notice served by an operational creditor to the corporate debtor demanding
payment of the operational debt in respect of which the default
debt is owed. The
expression “financial debt” has been defined in Section 5(8) .
Amongst other categories specified therein, it could be a
debt along ... from any person and
includes a financial debt and operational debt. The
expression “claim” would certainly cover the right of the
financial creditor to proceed
payment of other debts of the corporate debtor;
(b) provides for the payment of debts of operational
creditors in such manner as may be specified ... 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
debt to any
person;
…..
(10) “creditor” means any person to whom a debt is owed and includes a
financial creditor, an operational creditor, a secured ... payment of other debts
of the corporate debtor;
(b) provides for the payment of debts of operational creditors in such
manner as may be specified
financial debt owed by the Corporate
Debtor to the Financial Creditor and whether the amount of the
5
debt exceeded Rs.1,00,000/- (Rupees ... debt becomes due and is not paid, the
Corporate Insolvency Resolution Process begins. Where any corporate
debtor commits default, a financial creditor, an operational creditor
