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2017 (7) TMI 1299 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAIWinding up of the company - appointment of OL as a liquidator to the respondent company - Whether or not the Operational Creditor falls within the purview of the definition of "Operational Creditor" as provided under sub-section (20) of Section 5 of the IBC 2016? - HELD THAT:- The term 'services' used in Section 5(21) of the I & B Code, 2016 is of a wide connotation which is inclusive. In order to interpret the statutory provision, we have to place an interpretation which gives effect to the intention of the Legislature. The facts and circumstances disclosed in the petition clearly suggest that the petitioner had advanced money to the Corporate Debtor for providing services and the payment made is for services which the Corporate Debtor agreed to render for the said consideration. The 'operational creditor' means a person to whom an operational debt is owed and it includes any person to whom such a debt has legally been assigned or transferred - The definition of "Operational Debt" refers to claim in respect of the provisions of goods or services or dues arising under any law. Therefore, we have to construe the term 'Operational Debt' with respect to purposive and contextual interpretation. Therefore, the petitioner's claim falls within the purview of 'Operational Debt'. The petitioner is falling within the purview of the definition of the Operational Creditor. We hereby allow the application of the Operational creditor and order the commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed - There is no proposal for appointment of the Interim Resolution Professional (IRP). Therefore, we direct the Registry to make a reference to the IBBI for recommending the name of Interim Resolution Professional, within ten days from the date the copy of this order is received - Moratorium declared. Application admitted.
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