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2020 (5) TMI 38 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Scope of Operational Debt - interpretation of section 5(21) of IBC, 2016 - Learned Counsel for the Operational Creditor referred to section 5(21) of the IBC, 2016 and submitted that 'Operational debt' is not only restricted to goods and services being rendered but also includes debt in respect of the payment of dues arising under law for the time being in force - HELD THAT:- It is evident that, in relation to the second part of the definition of 'Operational Debt', it is clear that the 'debt in respect of payment of dues arising under any law for the time being in force' should be payable to the Central Government, State Government or any Local authority - However it is evident from the records, that in the present case, the Operational Creditor is not a Central Government or State Government or a Local authority - Hence, the submissions made by the learned Counsel for the Operational Creditor, does not hold water in view of the interpretation given above to section 5(21) of IBC, 2016. Petition dismissed.
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