2019 (11) TMI 1663

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t, (Member and Venugopal M., J. (Member), JJ. For the Appellant: Arunava Mukherjee and Arvind Maniam, Advocates For the Respondent: Arpan Behl, Nikhil Verma, Rishabh Jain and Kamna Singh, Advocates ORDER 1. Respondent -Eatigo India Pvt. Ltd.' filed application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code') for initiation ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....9;ble Apex Court observed as under: "27. The scheme of the Code is to ensure that when a default takes place, in the sense that a debt becomes due and is not paid, the insolvency resolution process begins. Default is defined in Section 3(12) in very wide terms as meaning non-payment of a debt once it becomes due and payable, which includes non-payment of even part thereof or an instalment....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is disbursed against consideration for the time value of money. As opposed to this, an operational creditor means a person to whom an operational debt is owed and an operational debt under Section 5(21) means a claim in respect of provision of goods or services. 4. From the aforesaid provision it will be evident that even if the amount is disputed, if the claim is more than Rupees One Lakh, the....