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2017 (10) TMI 353 - AT - Companies LawCorporate insolvency procedures - Default in payment of debt - operational debt - Held that:- There is a 'debt' due to the appellants and there is default on the part of the respondents- 'Corporate Debtor'. However, the appellants do not come within the meaning of “Operational Creditor”. In the case of “Nikhil Mehta and Sons. v. AMR Infrastructure Ltd.”[2017 (8) TMI 1017 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI ] this Appellate Tribunal noticed that Nikhil Mehta & Ors. purchased flat/ shops from builder pursuant to an agreement. In terms of the said agreement, this Appellate Tribunal held the “Nikhil Mehta and Sons” as the 'Financial Creditor', as in their case the 'Financial Debt' was coming within the meaning of Section 5(8)(f) of the I & B Code. As the agreement reached between the parties pursuant to which amount has been ordered to be refunded by consumer forum is not available before us and appellants have not taken a plea that they are the 'Financial Creditor', we are not deciding such question leaving the question open for decision in case the appellants claims to be 'Financial Creditor' and moves before the Adjudicating Authority with such plea. For the reasons aforesaid, while we are not inclined to interfere with the impugned order dated 21St March, 2017 on the ground that the Appellants are not 'Operational Creditor', give liberty to the parties to decide their course of action as they may take, in accordance with law.
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