Clarifying Financial and Operational Debt: Section 5(8) defines 'Financial Debt'; 'Operational Debt' covers goods, services, employment, and dues.

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....The expression 'Financial Debt' in section 5(8) to mean a debt which is disbursed against the consideration of time value of money. However the framer of the Code has not included in the expression 'Operation Debt' as any debt other than the 'Financial Debt'. It is thus confined to aforesaid four categories like goods, services, employment and Government dues. - Tri....