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TMI Blog2017 (10) TMI 353X X X X Extracts X X X X X X X X Extracts X X X X ..... Appellate Tribunal noticed that Nikhil Mehta & Ors. purchased flat/ shops from builder pursuant to an agreement. In terms of the said agreement, this Appellate Tribunal held the “Nikhil Mehta and Sons” as the 'Financial Creditor', as in their case the 'Financial Debt' was coming within the meaning of Section 5(8)(f) of the I & B Code. As the agreement reached between the parties pursuant to which amount has been ordered to be refunded by consumer forum is not available before us and appellants have not taken a plea that they are the 'Financial Creditor', we are not deciding such question leaving the question open for decision in case the appellants claims to be 'Financial Creditor' and moves before the Adjudicating Authority with such plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;. On notice, Ld. Counsel for the respondents submits that notice under Section 8 was not served on the 'Corporate Debtor'. However, from the record we find Section 8 notice was issued and served on 'Corporate Debtor' on 31st January, 2017 as reported by Postal Department in the tracking report of the Speed-Post. 4. Ld. Counsel for the respondents next contended that the notice under section 8 was not issued by proper authority but by the Power of Attorney holder who is not competent to issue such notice. 5. In reply, Ld. Counsel for the appellants has brought to our notice that one Mr. Mukesh Chadha has been given General Power of Attorney, to lodge any case and sign on behalf of the appellants. 6. From the General Powe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Appeal (AT) (Insol.) No. 07 of 2017. In that view of the matter, the decision of the Ld. Adjudicating Authority based on the earlier case against the "AMR Infrastructure Limited", cannot be a ground to reject the application preferred by the appellants. 8. The term 'debt' has been defined in Section 3(11) of the I & B Code, which reads as under: "debt' means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt" "Default" has been defined in Section 3(12) as: "default" means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repaid by the debtor or the corporate debtor, as the case m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debt' was coming within the meaning of Section 5(8)(f) of the I & B Code. As the agreement reached between the parties pursuant to which amount has been ordered to be refunded by consumer forum is not available before us and appellants have not taken a plea that they are the 'Financial Creditor', we are not deciding such question leaving the question open for decision in case the appellants claims to be 'Financial Creditor' and moves before the Adjudicating Authority with such plea. 12. For the reasons aforesaid, while we are not inclined to interfere with the impugned order dated 21St March, 2017 on the ground that the Appellants are not 'Operational Creditor', give liberty to the parties to decide their cours ..... X X X X Extracts X X X X X X X X Extracts X X X X
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