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2022 (1) TMI 261 - NATIONAL COMPANY LAW TRIBUNAL , CHENNAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - HELD THAT:- It is seen from the submissions that, the Principal amount claimed by the Applicant is ₹ 1.25 Crore, which is deposited with the Corporate Debtor for the supply of goods to the Applicant. While this being the fact, it is pertinent to decide under the provisions of IBC, 2016, on the issue, as to whether the Petitioner qualifies to be an Operational Creditor in relation to the: Corporate Debtor. For a person to qualify as an Operational Creditor he must have supplied the goods or rendered service to the Corporate Debtor, which is not the proposition in the present case and on the other, as per the agreement dated 01.12.2016 filed by the Applicant, it is the Corporate Debtor who is required to supply the goods to the Applicant, claiming to be Operational Creditor. Further, the default in the present case has arisen since the Corporate Debtor had failed to repay the deposit which is made by the Applicant - Thus, the failure to repay the deposit amount would not fall within the meaning of "operational debt" as stipulated under Section 5(21) of IBC, 2016 and as a consequent thereto, the Petitioner does not qualify to be an Operational Creditor as defined under Section 5(20) of IBC, 2016 in respect of the Corporate Debtor. The instant Application filed by the Applicant under Section 9 of IBC, 2016 is not maintainable - Application dismissed.
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