9911796707
TMI Blog2017 (7) TMI 1299X X X X Extracts X X X X X X X X Extracts X X X X ..... f history of the case is that the petitioner has engaged the Corporate Debtor for rendering services in respect of setting of and development of 300 MW Wind power Project in the State of Gujarat under a Frame work Agreement dated 19.04.2011. The Corporate debtor has received Rs. 5,25,00,000/- as advance from the petitioner. But the Corporate Debtor did not perform the services as agreed. Thereafter, the Corporate Debtor has agreed to refund the sum within two to three years starting from January 2014 vide Agreement dated 18th September 2013. Ultimately, the Corporate Debtor failed to make the payment as promised. The petitioner issued legal notice on 30th October 2015 and the Corporate Debtor replied to the notice vide letter dated 29.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said consideration. 6. The main issue that needs determination is as to whether or not the Operational Creditor falls within the purview of the definition of "Operational Creditor" as provided under sub-section (20) of Section 5 of the IBC 2016. For the sake of better appreciation, the definition of the "operational creditor" given under the Insolvency And Bankruptcy Code 2016 is reproduced as follows:- "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". It is clear from the above mentioned definition that the 'operational creditor' means a person to whom an operational debt is owed and it includes any person to whom such a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lling within the purview of the definition of the Operational Creditor. We hereby allow the application of the Operational creditor and order the commencement of the corporate insolvency resolution process which ordinarily shall get completed within 180 days, reckoning from the day this order is passed. 9. There is no proposal for appointment of the Interim Resolution Professional (IRP). Therefore, we direct the Registry to make a reference to the IBBI for recommending the name of Interim Resolution Professional, within ten days from the date the copy of this order is received. On receiving the recommendation from the Board, the Registry shall place the matter before the Bench for appointment of the IRP and passing of the appropriate order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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