https://www.taxtmi.com/caselaws?id=387336 An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained only by an operational creditor in respect of an operational debt arising from the provision of goods or services. On the facts, the claim was based on credit notes reducing the purchase price of goods already received and a debit note linked to the return of watches. Those adjustments did not constitute an operational debt, because they did not arise from a supply of goods or services as contemplated by the Code. The applicant therefore failed to establish the foundational requirement to invoke the corporate insolvency process, and the Section 9 application was rejected. en-us Wed, 24 Jul 2019 00:00:00 +0530 Tue, 22 Oct 2019 09:42:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=387336 An application under Section 9 of the Insolvency and Bankruptcy Code, 2016 can be maintained only by an operational creditor in respect of an operational debt arising from the provision of goods or services. On the facts, the claim was based on credit notes reducing the purchase price of goods already received and a debit note linked to the return of watches. Those adjustments did not constitute an operational debt, because they did not arise from a supply of goods or services as contemplated by the Code. The applicant therefore failed to establish the foundational requirement to invoke the corporate insolvency process, and the Section 9 application was rejected. Case-Laws Insolvency and Bankruptcy Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=387336