TaxTMI 
TaxTMI 
2017 (8) TMI 1525
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....der Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I & B Code') with the prayer to initiate an insolvency process against the respondent company, namely, J.B.K. Developers Pvt. Ltd., the application having dismissed the present appeal has been preferred. 2. The applicants are son and father. They booked a residential Flat No. IRIS- 102 having super area of 1295 sq.ft. with construction linked plan in the Green Avenue project. According to appellants, they paid a total sum of Rs. 25,97,940/- to the respondent. On deposit of the amount made by the appellants, the respondent issued allotment letter on 1St November 2012 allotment of a flat, containing terms and conditions of allotment. It was alleg....
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....d in another case of "Col. Vinod Awasthy Vs. A.M.R. Infrastructure Ltd." 6. The question arises for consideration in this appeal is whether appellants are 'Operational Creditor' and are entitled to initiate Corporate Insolvency Resolution Process against Respondents - 'Corporate Debtor' under Section 8 and 9 of the 'I & B Code? 7. Learned Counsel for the appellants' highlighted the introduction of 'I & B Code' 2016 by repealing Presidency Towns Insolvency Act, 1909 & Provincial Insolvency Act 1920. According to him it was introduced by amending 11 special statutes including Section 272(1)(b) of Companies Act, 2013 with clear objectives for such collective, changes in 13 existing laws. It was submitted t....
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....ion of legislator is that all Creditors entitled to claim the debt amount and can prefer the application on default. However, we are not inclined to accept such submission that all creditors can take resort to Section 9 of the 'I & B Code'. The 'Operational Creditor' and 'Operational Debt' having defined in Section 5(20) and Section 5(21), except those who come within the meaning of Operational Creditor no other creditor, whether secured or unsecured creditor are entitled to file an application under Section 9 though they are entitled to file claim before the Interim Resolution Professional, once Insolvency Resolution Process starts against a 'Corporate Debtor', either under Section 7 or Section 9 or Section ....
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....epayment of dues arising under any law for the time being in force and payable to Centre or State Government or local authority. It is thus clear that debt may arise out of provision of goods or services or dues arising out of employment or dues arising under any law for time being in force and payable to the Centre/State Government. The framer of the Code have also defined 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 Gov....
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.... Respondent in the present case especially when the Petitioner has remedy available under the Consumer Protection Act and the General Law of the land. Therefore we are not inclined to admit the petition. 11. Like wise we have decided the case of Sajive Kanwar v. AMR Infrastructure CP. No. (ISB)-03(PB)/201 7 on 16.22017 which has also discussed the possibility of treating a person like the petitioner as an "Operational Creditor 11. Similar question as to who can claim to be an 'Operational Creditor', and whether a person who has entered into agreement for purchase of a 'flat' or 'shop' or 'any immovable property' is Operational Creditor or not fell for consideration before this Appellate Tribunal. ....