9911796707
TMI Blog2017 (5) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. Facts in brief may first be noticed. The petitioners are joint holders of an allotted apartment in the project of the Respondent Company known as 'Adventure Mall' They had proposed to develop the aforesaid project at Plot No.9, Tech Zone, Greater Noida. The Respondent had failed to pay admitted debts of Rs. 29,44,175/- which is the amount paid by the Petitioners towards the allotment of commercial shop admeasuring 265 Sq. Ft bearing No.0-14B for a total sum of Rs. 22,52,500/-. They claim the refund advance payment made alongwith assured returns of Rs. 6,08,175/- from 16/10/2014 till date. After signing of the MOU on 12.7.2013 the constructions is at stand still and there is no hope whatsoever of construction being carried out as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) & (21) of the code read thus: "5. In this Part, unless the context otherwise requires,- (20) "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 (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority;" 8. It is evident from the perusal of the aforesaid definition of 'Operational Debt' that it is a claim in respect of provision of goods or services including dues on account of employment o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mmittee in para 5.2.1 defines 'Operational Creditor' like the wholesale vendor of spare parts whose spark plugs are kept in inventory by Car Mechanic and who gets paid only after spark plugs are sold to acquire the status of 'Operational Creditor' so and so forth. The Petitioner in the present case has neither supplied any goods nor has rendered any service to acquire the status of an 'Operational Creditor'. 10. We are further of the view that given the time line in the code it is not possible to construe section 9 read with section 5(20) & (21) of the Code so widely to include within its scope even the cases where dues are on account of advance made to purchase the flat or a commercial site from a construction comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng out of provisions of goods; or (b) services; or (c) out of employment. It also covers dues arising under any law for the time being in force and payable to the Central or State Government or local authority. It is doubtful whether it would include all debts other than 'Financial Debt' because we do not find any such 'Legislative intendment' from the Part II of IBC which deals with insolvency and Liquidation for Corporate Persons' 8. Learned counsel for the petitioner has argued that the expression 'Corporate Debtor' means a person who owes a debt to any person as per Section 3(5) of IBC. It is further emphasized that the expression 'Debt' means a liability or obligation in respect of a claim whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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