Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2022 (7) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (7) TMI 830 - NATIONAL COMPANY LAW TRIBUNAL , KOLKATA BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors or not - Whether an investment made by the Director of the Company falls under the definition of Operational Debt? - HELD THAT:- As envisaged under section 5(21) of the Code, an Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the re-payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority - Further, section 5(20) of the Code an ‘Operational Creditor’ meaning a person to whom an Operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. However in this instant matter the Petitioner, who is also one of the director of the Corporate Debtor, invested money in the Corporate Debtor for production of a movie. In light of the above facts and circumstances we are of the view that an Investment made by the director of the Company does not fall under the purview of an Operational Debt under the Code. Petition dismissed.
|