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2022 (5) TMI 203 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - Rental Dues or Lease Payment - operational debt or not - Section 5(21) of IBC, 2016 - HELD THAT:- The Hon'ble Appellate Tribunal in the matter of M. RAVINDRANATH REDDY VERSUS G. KISHAN [2020 (2) TMI 56 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], held that dues in the nature of rent of immovable property do not fall under the head of Operational Debt as defined under Section 5(21) of IBC. The Tribunal further held that an Operational Debt is essentially a claim in respect of (a) provision of goods; (b) provision of services, including employment; or (c) a debt arising under any statute and payable to Government/local authority. If the claim by way of debt does not fall under any of these three categories, the claim cannot be categorised as an operational debt, even though there may be a liability or obligation due from the corporate debtor to the creditor and, hence, such a creditor disentitled from maintaining an application for initiation of corporate insolvency resolution process of the corporate debtor. The case of PROMILA TANEJA W/O SHRI RAJESH TANEJA VERSUS SURENDRI DESIGN PVT. LTD. THROUGH ITS DIRECTOR SHRI YOGESH CHAUDHARY [2020 (11) TMI 545 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] is subject matter of appeal before the Hon'ble Supreme Court wherein the judgment of the Hon'ble NCLAT is under challenge. The judgment of Hon'ble Supreme Court is awaited in this regard however no stay has been granted by the Apex Court in the appeal and only notice was ordered on 28.01.2021. Being the latest judgment, and since no stay was granted by the Hon'ble Apex Court, Promila Taneja decision is binding on this Tribunal, as on date. This Tribunal is of the considered opinion that the rental dues arising from the use of office space cannot be treated as an 'operational debt' under Section 5(21) of IBC, 2016 - petition dismissed.
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