2022 (4) TMI 944

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....erla] Member (Technical) For the Appellant : Ms. Malvika Trivedi, Sr. Advocate with Mr. Nishant Bishnoi, Mr. Saurabh Ajay Gupta and Ms. Srishti Prabhakar, Advocates For the Respondent : Dr. Harsh Surana, Ms. Deeplai Surana, Mr. Sandeep Malik, Advocates for R-1. Mr. Kaustav Som and Mr. Arjun Krishnan, Advocates for R-2. JUDGEMENT [ Per : Shreesha Merla , Member (T) ] 1. Challenge in this Appeal is to the Impugned Order dated 13.11.2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in CP (IB) 2556/MB/2019 admitting the Application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'The Code'). By the Impugned Order, the Adjudicating Authority ha....

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.....04.2015 and 01.04.2017 were issued by the Corporate Debtor to the First Respondent, but the same was not in respect of any of the invoices issued during the course of the business transactions. * It is strenuously argued by the Learned Counsel that the balance sheet for the financial year 2015-16 of the Corporate Debtor reflects the amount 'as an advance' and hence does not fall within the ambit of the 'Definition' of 'Operational Debt' as defined under Section 5(21) of the Code. 3. Submissions of the Learned Counsel for the First Respondent-Operational Creditor: * Learned Counsel for the First Respondent drew our attention to the ledger statement which clearly shows that a sum of Rs. 4,90,01.183/- is receivable from t....

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....ort of her case that all amounts raised in these invoices were paid. Learned Counsel strenuously contended that this amount was 'an advance paid' and hence does not fall within the purview of the ambit of the definition of 'Operational Debt'. At this juncture, we find it relevant to reproduce the 'Definition' of 'Operational Debt' as defined under Section 5(21) of the Code: "5 (21). "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of due arising under any law for the tie being in force and payable to the Central Government, any State Government or any local authority;" 7. It is evident from the Statement of Account that the payments which t....

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....d Notice issued under Section 8 of the Code. 8. For all the aforenoted reasons, this Tribunal is of the considered view that there is no illegality or infirmity with the Order of the Adjudicating Authority and hence this Appeal fails and is accordingly dismissed. No order as to costs. ============= Document 1 331 RAKSHA DULUON 118/120, Dhanji Street, Silver Plaza, 3rd Floor, Office No. 9, Mumbai-400 003, (M.S.) INDIA TelePhone: (+91-22) 2344 0488/89 Back Office: (+91-22) 2341 8122/21, Fax: (+91-22) 6631 5950 E-mail: [email protected] I Website: www.rakshabullion.In To ROYAL REFINERY PVT LTD 3-E, TRIS LA FROMISES CO.OP. SOC. LTD., 3RD FLOOR, 122, SHEIKH MENON STREET, MUDAI VAT TIN HD. : 27450909738% PAN....