https://www.taxtmi.com/caselaws?id=291222 An application under Section 9 of the Insolvency and Bankruptcy Code was held not maintainable because the applicant bank did not qualify on the facts as an operational creditor and its claim did not amount to operational debt. The Tribunal applied Sections 5(20) and 5(21), noting that operational debt must arise from supply of goods or services, employment, or statutory dues payable to a governmental authority. As the claim did not fit any of those categories, the essential jurisdictional ingredients for Section 9 proceedings were absent. The application was therefore dismissed in limine. en-us Tue, 19 Nov 2019 00:00:00 +0530 Mon, 02 Nov 2020 14:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291222 An application under Section 9 of the Insolvency and Bankruptcy Code was held not maintainable because the applicant bank did not qualify on the facts as an operational creditor and its claim did not amount to operational debt. The Tribunal applied Sections 5(20) and 5(21), noting that operational debt must arise from supply of goods or services, employment, or statutory dues payable to a governmental authority. As the claim did not fit any of those categories, the essential jurisdictional ingredients for Section 9 proceedings were absent. The application was therefore dismissed in limine. Case-Laws Insolvency and Bankruptcy Tue, 19 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291222