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2019 (4) TMI 2171 - AT - IBCFinancial Creditors or not - whether on the basis of Deed of Exchange the Appellant can claim to be a Financial Creditor ? - HELD THAT - An Operational Creditor who has assigned or legally transferred any Operational Debt to a Financial Creditor the assignee or transferee shall be considered as an Operational Creditor to the extent of such assignment or legal transfer. In view of Section 3(37) the Appellant cannot derive any advantage of expressions used in Negotiable Instruments Act 1881. From the record also it is found that the Bill of Exchange relates to supply of goods and whatever finance given by the appellant is to Aavanti Industries Pte Ltd. Singapore and not to the Corporate Debtor . The Corporate Debtor has merely received the goods and therefore we hold that the Appellant is not a Financial Creditor but at best can claim to be an Operational Creditor as held by the Adjudicating Authority. Conclusion - The appellant is an Operational Creditor and not entitled to be classified as a Financial Creditor in the Corporate Insolvency Resolution Process. There is no merit in the appeal - appeal dismissed.
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