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
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
claims of operational creditors (some of
which were highly belated and/or without sufficient proof) were
admitted, such that the admitted operational debt of approximately ... approval of the approved
8
resolution plan became an operational debt of approximately INR
19,719.20 crores.
(v) The profits generated by the corporate debtor
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
whom a financial debt is
owed and a financial debt is defined in Section 5(8) to mean
a debt which is disbursed against consideration ... money. As opposed to this, an operational creditor
means a person to whom an operational debt is owed and
an operational debt under Section
Government would come within the meaning of the expression
“operational debt” under Section 5(21) , making the
Government an “operational creditor” in terms of Section
authorities or
government departments. Even if they can be said to be operational
debtors - which is not the case - the moment a challenge is filed ... Section 37 of the Arbitration Act,
1996, such debt becomes a ‘disputed debt’ under the judgments of
this Court, and proceedings initiated under the Insolvency
payment of other debts of the
corporate debtor;
19
(b) provides for the payment of debts of operational
creditors in such manner ... difference
in payment of the debts of financial and
operational creditors, operational creditors
having to receive a minimum payment, being
not less than liquidation value
which is not a legally
enforceable debt much less an operational debt as
claimed by your client. Even assuming with
prejudice there are any amounts
