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TMI Blog2022 (7) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... ("the Code") by Akshat Pandey ("Operational Creditor") seeking to initiate Corporate Insolvency Resolution Process ("CIRP") against Avighna Films Private Limited ("Corporate Debtor"). 3. The present petition was filed on 15 February, 2021, before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs.1,14,25,000/- (Rupees One Crore Fourteen Lakh Twenty Five Thousand only). Submission of the learned Counsel for the Operational Creditor 4. Till 09 April, 2019, the Corporate Debtor had two directors being Pujarini Ghosh and Sohini Ghosh. However, on 10 April, 2019 the Operational Creditor was inducted as an Additional Director in the Corporate Debtor for production of a movie, tentatively ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant applicant is non-compliant under the Code. The Operational Creditor has no locus standi to institute this instant proceeding. Further, the Operational Creditor is trying to misuse the provisions under the Code. 10. Further, no date of default has been mentioned. The alleged debt of the Operational Creditor is barred by limitation and should be rejected as ab initio. There is no cause of action against the Corporate Debtor, neither this application states any cause of action.. 11. The Corporate Debtor was planning to produce the movie titled 'Rifle'. Through a common acquaintance the directors of the Corporate Debtor came to know that the Operational Creditor was also in the business of producing a movies/cinema. The Operational Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in force and payable to the Central Government, any State Government or any local authority. 17. Further, section 5(20) of the Code an 'Operational Creditor' meaning a person to whom an Operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. 18. As per the definition of the term Operational Debt in the Code, it is clear that a debt is considered to be an operational debt, when it is confined under three categories; (i) Goods, or; (ii) Services (including employment), or; (iii) a debt in respect of the re-payment 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. 19. However in this instant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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