https://www.taxtmi.com/caselaws?id=426765 Operational debt under the Insolvency and Bankruptcy Code covers claims arising from the supply of goods or services, while financial debt involves disbursal against time value of money. On the stated facts, the sourcing, procurement and supply arrangement for marine products was treated as an operational transaction on the basis of invoices, delivery records and compromise material. The note also explains that a pre-existing dispute must exist before receipt of the demand notice to defeat a section 9 application; later arbitration proceedings or a later compromise cannot create such a dispute. Applying that test, the section 9 admission was sustained. en-us Tue, 23 Aug 2022 00:00:00 +0530 Thu, 25 Aug 2022 19:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426765 Operational debt under the Insolvency and Bankruptcy Code covers claims arising from the supply of goods or services, while financial debt involves disbursal against time value of money. On the stated facts, the sourcing, procurement and supply arrangement for marine products was treated as an operational transaction on the basis of invoices, delivery records and compromise material. The note also explains that a pre-existing dispute must exist before receipt of the demand notice to defeat a section 9 application; later arbitration proceedings or a later compromise cannot create such a dispute. Applying that test, the section 9 admission was sustained. Case-Laws Insolvency and Bankruptcy Tue, 23 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426765