TMI Blog2017 (7) TMI 1299X X X X Extracts X X X X X X X X Extracts X X X X ..... t the petitioner had advanced money to the Corporate Debtor for providing services and the payment made is for services which the Corporate Debtor agreed to render for the said consideration. The 'operational creditor' means a person to whom an operational debt is owed and it includes any person to whom such a debt has legally been assigned or transferred - The definition of Operational Debt refers to claim in respect of the provisions of goods or services or dues arising under any law. Therefore, we have to construe the term 'Operational Debt' with respect to purposive and contextual interpretation. Therefore, the petitioner's claim falls within the purview of 'Operational Debt'. The petitioner is fallin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 29.11.2015 raising allegations which are not failing within the term 'dispute' as defined u/s. 5(6) of the I B Code, 2016. 3. In the light of the above facts and circumstances, the petitioner prays for winding up of the company and appointment of OL as a liquidator to the respondent company and gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iation, 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 debt has legally been assigned or transferred. In order to understand the term 'operational debt', we may refer to the definition provided under Section 5(21) of the IBC 2016 which is as follows:- Operational debt means a claim in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted 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. 10. However, we declare the moratorium which shall have effect from the date of this order till the completion of corporate insolvency resolution process. Therefore, we order to prohibit all of the following, namely: ..... X X X X Extracts X X X X X X X X Extracts X X X X
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