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TMI Blog2020 (10) TMI 385X X X X Extracts X X X X X X X X Extracts X X X X ..... a financial one, but subsequently converted, it to an operational one. This has caused great prejudice to the Authority, both in terms of their voting power and the quantum of the claim likely to be recovered. They are aggrieved by the arbitrary decision taken by the RP. 2. Upon due notice of the IA accepted by the RP, he maintains his stand that the claim of the applicant has rightly been converted to an ''operational claim". The short point for consideration before this Bench, therefore is whether the ld. RP had rightly considered the claim of the Greater Noida Authority as an operational claim in the subsequent proceedings. 3. As per facts of the case, Greater Noida Authority had allotted land to the Corporate Debtor for their ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Vs. Synergies Dooray Automobiles Ltd. & Ors. CA(AT) (Insolvency) 205/2017 wherein the Appellate Tribunal interpreted the Operational Creditors to be Creditors in respect of debt created for the operations of the Corporate Debtor. The relevant extract of the said order which was relied upon in the aforementioned case was observations as under: "Operational Debt" in normal course means a debt arising during the operation of the company (Corporate Debtor). The goods and services including employment are required to keep the Company ('Corporate Debtor') operational as a going concern. The Hon'ble Coordinate Bench further concluded that as per the guidelines of Indian Accounting Standards, the appellant (Noida) could not be co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Keeping in view the citations referred to, this Bench is of the opinion that the claim of the Greater Noida Authority can unequivocally be categorised as being an ''operational debt". We therefore do not find any infirmity in the decision of the Resolution Professional who has deemed it justified to amend and correct the claim of the Greater Noida Authority from one of "financial claim" to an "operational debt". Accordingly, the CoC which has been reconstituted upon amending the aforesaid claim, consisting of home buyers as financial creditors along with other Financial Creditors, if any, would be vested with the voting rights to the exclusion of Greater Noida Authority. 8. It is submitted that the Resolution Plan has already b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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