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2017 (2) TMI 1223 - Tri - Companies LawInsolvency and Bankruptcy Code 2016 - eligibility of petitioner - Held that:- The expression 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. However Part Il specifically deals with "Insolvency resolution and Liquidation" and it has its own definition enumerated in Section 5 of IBC as is discussed in the preceding para. Therefore the definition as enumerated in section 5 of IBC are to apply the expressions used in sections 7 and 9 of IBC and therefore, the expression used in section 3 of IBC cannot be exclusively read to interpret various words used in section 5 of IBC. Therefore we find no merit in the aforesaid submission. Therefore the argument of the petitioner to treat this petition as the one under section 9 of IBC is also without substance and we reject the same. This petition fails and the same is dismissed. Keeping in view the tenderness of the provisions of IBC we refrain from burdening the petitioner with cost. Before parting we make it clear that any observations made in this order shall not be construed as an expression of opinion on the merit of the controversy as we have refrained from entertaining the application at the initial stage itself when the Respondents have not entered appearance and are not present before us. Therefore the right of the Applicants before any other forum shall not be prejudiced on account of dismissal of instant application.
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