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2020 (4) TMI 512 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- Considering the nature of business, the petitioner cannot be considered as operational creditor. As defined under sub-section (20) of section 5 of the I & B Code an "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 there is no operational debt owed by the respondent, rather the applicant procures raw diamond and supplies it to the respondent for finishing/polishing and after polishing the same is sent back to the applicant - On a mere perusal of the definition of operational creditor and operational debt it is found that, in the instant case, there is no such relation of operational creditor and corporate debtor between the two parties as the applicant never provided any goods and services to the respondent. The application so filed is not maintainable and hence stands dismissed.
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