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2018 (6) TMI 845 - Tri - Insolvency and BankruptcyInitiating Corporate Insolvency Resolution Process - existence of operational debt - Held that:- Here in this case the applicant claim refund of an advance with interest at 24% p.a. Admittedly there is no purchase agreement enabling the applicant to claim refund of advance in the case of failure of supply of materials or in case of shortfall of materials received by the applicant on account of the purchase orders issued by the applicant. The claim of the applicant does not fall with in the definition of operational debt and hence the applicant is not an operational creditor as alleged. Much argued on the side of the respondent that the applicant who signed the application had no authority on the date of filing the application and the authorisation produced along with rejoinder is a deliberate attempt to mislead the facts regarding resolution not taken on the date as shown in the resolution annexed with the original application. Being found that this application is not maintainable as the applicant is not an operational creditor and this application is liable to be dismissed
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