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2022 (9) TMI 275 - AT - Insolvency and BankruptcyInitiation of CIRP - Operational Debt or not - Nature of transaction between the parties for taking over the Company - HELD THAT:- The payment which was made by the Operational Creditor was in contemplation of Development Agreement dated 01.10.2016 which ultimately could not fructify since the Corporate Debtor refused to sign the Agreement. It is clear that the transaction which was made by the Operational Creditor was towards the joint venture development agreement between the parties under which the Operational Creditor offered to provide necessary infrastructure and man-power to construct and market the Residential Flats/Apartments. When the Operational Creditor acted in pursuance of the Proposed Development Agreement between the parties, the amount paid by the Operational Creditor of Rs. 3 Crores plus Rs. 1 Crore was towards providing services by the Operational Creditor, the same is clearly an “Operational Debt” - there are no substance in the submissions of Learned Counsel for the Appellant that Corporate Debtor did not owe any “Operational Debt”. Tthe submissions of Learned Counsel for the Appellant that the Corporate Debtor did not owe any Operational Debt to the Operational Creditor, is rejected - appeal dismissed.
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