https://www.taxtmi.com/caselaws?id=291791 An applicant seeking to maintain a section 9 insolvency application as an operational creditor must prove a valid legal assignment of the debt; here, the record showed invoices issued by the original supplier and no clear transfer of the specific debt or contractual rights, so operational creditor status was not established. An insolvency claim based on default is also subject to Article 137 of the Limitation Act, 1963; the default and last payment dates placed the filing beyond three years, and no sufficient acknowledgment or part payment extending time was shown. The application was therefore not maintainable and was dismissed. en-us Tue, 05 Nov 2019 00:00:00 +0530 Tue, 24 Nov 2020 20:21:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=291791 An applicant seeking to maintain a section 9 insolvency application as an operational creditor must prove a valid legal assignment of the debt; here, the record showed invoices issued by the original supplier and no clear transfer of the specific debt or contractual rights, so operational creditor status was not established. An insolvency claim based on default is also subject to Article 137 of the Limitation Act, 1963; the default and last payment dates placed the filing beyond three years, and no sufficient acknowledgment or part payment extending time was shown. The application was therefore not maintainable and was dismissed. Case-Laws Insolvency and Bankruptcy Tue, 05 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=291791