Del Credere Agent's Claim Classified as Operational Debt, Not Financial Debt, Under Insolvency and Bankruptcy Code, 2016.

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....CIRP - Del Credere Agent - Financial Debt or not - in the teeth of Clause 15 of the ‘Del Credere Agency Agreement’, dated 04.04.2017 and keeping in mind of a prime fact that the ‘Default’, which took place, pertaining to the ‘Supply of Goods’, comes within the definition of ‘Operational Debt’, as per Section 5(21) of the I & B Code, 2016 and hence, Section 9 of the I & B Code, 2016, attracts in an ‘unambiguous manner’ - the ‘Debt’, in the present case, cannot be termed as ‘Financial Debt’ - AT....