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2022 (1) TMI 1135 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Dishonor of Cheques - cheques were given prior to the Sale Deed - Corporate Debtor failed to make repayment of its dues - Operational Creditors or not - pre-existing dispute or not - whether the claim made by the Respondent is an Operational Debt and the Respondent is an Operational Creditor? - HELD THAT:- The word claim as defined under sub section 6 of section 3 means (a) a right to payment, whether or not, such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured. Further, sub section 11 of Section 3 defined ‘debt’ means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt. The word “Operational Creditor” defined under sub Section 20 of Section 5 of I&B Code, 2016, “Operational Creditor” means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. In the instant case, the covenants as mentioned in the Memorandum of Understanding dated 08.06.2015 clearly mentions and admits that the payment of ₹ 6 Crores is a liability on the part of the Corporate Debtor for the services rendered. Therefore, the definition of “Operational Debt” clearly attracts in the instant case, since the Respondent had provided services and in consideration thereof the Corporate Debtor admit its liabilities for the said services. Further, the Respondent also clearly fall under the category of “Operational Creditor” since an operational debt is owed to the Operational Creditor. This Tribunal comes to a resultant conclusion that the Respondent’s claim is an Operational Debt and the Respondent falls under the category of Operational Creditor and there is no pre-existence of dispute. Further, it is not time barred as seen from the Demand Notice issued by the Respondent and reply thereof by the Appellant - this Tribunal hold that the order passed by the Adjudicating Authority has no infirmity or illegality - appeal dismissed.
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