9911796707
TMI Blog2022 (1) TMI 1477X X X X Extracts X X X X X X X X Extracts X X X X ..... ity) Rules, 2016. The Operational Creditor, M/s. Chipson Aviation Private Limited is seeking an Order to initiate Corporate Insolvency Resolution Process (hereinafter referred as 'CIRP') against the Corporate Debtor viz., M/s. Punj Llyod Aviation Limited, declare moratorium and appoint Interim Resolution Professional (hereinafter referred as 'IRP'). 2. The Operational Creditor/Petitioner has averred as follows: - a. It is the case of the Operational Creditor that an amount of Rs. 60,00,000/- was transferred to the corporate debtor, the amount was transferred to corporate debtor's account on assurance/advise of direct dealing with the corporate debtor. It is stated that there are several e-mails exchanged with respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n "Operational Creditor" under the IBC. The Corporate Debtor has also raised the objection regarding limitation. It is also averred that no amount due and payable by the corporate debtor as the said amount stands adjusted towards the charges due from the operational creditor for the use of the corporate debtor's Aircraft Gulfstream G200 bearing registration No. VT PLA Serial No. 77 and use of the said aircraft is also admitted by the Operational Creditor in several emails exchanged between the parties. It is further submitted that services like aircraft for hire is provided by corporate debtor through brokers only and not directly. One of the brokers namely, Builarch Aviation with which the agreement was entered into for hire and use of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation"). 5. The Petitioner has also filed the written submission and reiterated all the facts already discussed and relied on the Hon'ble NCLAT judgment in the matter of Joseph Jayananda Versus Navalmar (UK) Ltd. And Anr. The relevant extract of the above judgment is as follows: "In the instant case, the monies advanced by the R-1 to the corporate debtor were advance payment for work to be done in the future. Admittedly, the work was to be done in terms or the General Agency Agreement between the parties. The corporate debtor referred to these amounts as advance payment in its audited accounts and the objection filed by it before the NCLT. It even claimed that the said amount was adjusted towards various cost and expenses incurred by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent-A.S. Iron Steel (I) Pvt. Ltd. It advanced payment of Rs. 74,32,326/- to respondent for supply of goods. In view of the aforesaid fact, the payment cannot be treated to be an 'operational debt' and the application under section 9 filed by the appellant was not maintainable. Accordingly, no relief can be granted." 8. We have perused the Pleadings and argument advanced by the Operational Creditor and Corporate Debtor. We have also perused the case laws relied upon by Corporate Debtor in its written submissions. The Corporate Debtor has raised the objection regarding status of Operational Creditor and alleged Operational Debt. Therefore, it is important to go through the definitions of Operational creditor and Operational debt as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
