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Mr. Satish Mittal Versus Ozone Builders & Developers Pvt. Ltd.

Corporate insolvency procedure - Insolvency and Bankruptcy Code, 2016 - qualification to maintain an application as an 'Operational Creditor' - Held that:- The matter is covered against the Applicant by our order in case Col. Vinod Awasthy v. AMR Infrastructures Ltd. [2017 (5)663 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI] wherein held that the 'Operational Creditors' are those persons to whom the 'Corporate Debt' is owed and whose liability from the entity comes from a transaction on operations .....

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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 company like the Respondent in the present case especially when the Petitioner has remedy available under the Consumer Protection Act and the General Law of the land. Therefore we are not inclined to admit the petition. - C.P. NO. (IB) 66(PB)/2017 - .....

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ent as Corporate Debtor. 2. Brief facts of the case necessary for disposal of the controversy may first be noticed. The Applicant has averred that in pursuance of the representations made by the respondent, he was induced to deposit advance amount for purchase of a plot in the Ozone City which is a residential township belonging to respondent with a promise for its allotment within a period of one year from the date of payment. Accordingly, he deposited a sum of ₹ 50,00,000/- (Rupees Fifty .....

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in the project within a period of one year. On the aforesaid basis, the Applicant has claimed that a sum of ₹ 30,00,000/- (Rupees Thirty Lakhs only) became due for refund after a period of one year on 22-2-2014 alongwith interest @18% per annum. It has been asserted by the Applicant that he made it absolutely clear to the respondent that he was no longer interested in the Project because the respondent had violated the terms and conditions on the basis of which the amount was deposited by .....

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rity) Rules, 2016 and has called upon the respondent to make payment of the due amount. According to the Applicant, in the reply sent on 6-2-2017, a motivated and false defence has been raised to dispute the demand raised by the Applicant. It has not been shown by the respondent that any suit or arbitration proceedings in terms of section 8(2)(a) of the Insolvency and Bankruptcy Code are pending so as to stop initiation of insolvency process. It is pertinent to notice that in their reply dated 6 .....

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ngth and are of the view that the matter is covered against the Applicant by our order dated 20-2-2017 passed in C.P. No. (IB)- 10(PB)/2017, titled as Col. Vinod Awasthy v. AMR Infrastructures Ltd. In the aforesaid case, we have taken the view on section 9 and section 5(20) & (21), which is evident from the perusal of following paras: 7. A perusal of section 9 of the code would show that in order to maintain an application as an 'Operational Creditor' the Petitioner has to satisfy th .....

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ebt 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 resp .....

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Financial Debt' in section 5(8) to mean a debt which is disbursed against the consideration of time value of money. However the framer of the Code has not included in the expression 'Operation Debt' as any debt other than the 'Financial Debt'. It is thus confined to aforesaid four categories like goods, services, employment and Government dues. In the present case the debt has not arisen out of the provisions of goods or services. The debt has also not arisen out of employmen .....

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