TaxTMI 
TaxTMI 
TaxTMI 
2022 (10) TMI 435
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....r / Respondent herein on the ground that Corporate Debtor defaulted in repaying the Arbitral Award dated 10.07.2019, amounting to Rs. 55,37,797/- (i.e. monthly license fee from April 2007 to October 2009) and due license fee from November 2009 to 15th July 2015, with interest of 6% per annum, aggregating to Rs. 3,14,36,864/- as on 11.10.2019. By which the Adjudicating Authority dismissed the Application filed by the Appellant. 2. The facts giving rise to this Appeal are as follows: i) The Appellant Financial Creditor is a multi-state Co-operative Society formed and registered under the provisions of the Multi State Cooperative Societies Act, 2002. The Appellant/Financial Creditor is having its Registered Office at NAFED House, New Delhi-110014. The Instant appeal is being filed/instituted on behalf of the Appellant through its General Manager i.e. Sh. Tarun Handa, who is duly empowered/authorized to file this present appeal. The Respondent Company is a Company duly incorporated under the provisions of Companies Act, 1956 on 19.09.2001 having its registered office at Lajpat Nagar-4, New Delhi-110024. ii) The case of the Appellant is that the facts relevant for adjudication of the....
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....e Societies for getting back possession of the said premise and the Registrar Cooperative Societies further requested the Ld. District Collector, Alwar to pass orders directing the Corporate Debtor/Respondent to vacate the said premise and give back the possession to the Appellant. Consequently, the Appellant got back the possession of the said premise on 15.07.2015. vii) Further case is that despite the award being passed on 10.07.2019 and the same becoming enforceable on expiry of a period of 90 days thereafter, the Corporate Debtor failed to make the payment in terms of the award and thus committed default in terms of Section 7 of the IBC. Thereafter, the Appellant filed the Application under Section 7 of the IBC before the Adjudicating Authority being CP (IB) No. 1106(PB)/2020 and after hearing the parties, the Adjudicating Authority dismissed the said Application filed by the Appellant under Section 7 of the IBC. Hence this Appeal. Submissions on behalf of the Appellant 3. The Ld. Counsel for the Appellant during the course of argument and in his memo of Appeal along with written submissions submitted that the Adjudicating Authority erroneously, wrongly and without hearing ....
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....eemed as a finance or capital lease under the Indian Accounting Standard or such other accounting standards as may be prescribed". Accordingly, this Appellate Tribunal held that a perusal of the above definition makes it clear that the legislature was conscious of liabilities arising from lease and made specific provision to club it under a financial debt, but no such provision was made for operational debt. 6. It is further submitted that the Hon'ble Supreme Court in the case of "Dena Bank (now Bank of Baroda) Vs. C. Shivakumar Reddy & Anr. (Civil Appeal No. 1650 of 2020" held in para 132 which is hereunder: "132. We see no reason why the principles should not apply to an application under Section 7 of the IBC which enables a financial creditor to file an application initiating the Corporate Insolvency Resolution Process against a Corporate Debtor before the Adjudicating Authority, when a default has occurred. As observed earlier in this judgment, on a conjoint reading of the provisions of the IBC quoted above, it is clear that a final judgment and/or decree of any Court or Tribunal or any Arbitral Award for payment of money, if not satisfied, would fall within the ambit of a f....
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.... License Agreement dated 03.07.2006. 12. It is further submitted that the facts and circumstances of the present case is squarely covered by the judgment as passed by this Appellate Tribunal in the case of "Sushil Ansal Vs. Ashok Tripathi and Ors., Company Appeal (AT) (Ins.) No. 452 of 2020 (3 Member Bench)" wherein this Appellate Tribunal in paragraphs 20 and 23 clearly held as follows: "20. A 'decree-holder' is undoubtedly covered by the definition of 'Creditor' under Section 3(10) of the 'I&B Code' but would not fall within the class of creditors classified as 'Financial Creditor' unless the debt was disbursed against the consideration for time value of money or falls within any of the clauses thereof as the definition of 'financial debt' is inclusive in character. A 'decree' is defined under Section 2(2) of the Code of Civil Procedure, 1908 ("CPC" for short) as the formal expression of an adjudication which conclusively determines the rights of the parties with regard to the matters in controversy in a lis. A 'decree-holder', defined under Section 2(3) of the same Code means any person in whose favour a decree has been passed or an order capable of execution has been made. O....