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TMI Blog2019 (7) TMI 1301X X X X Extracts X X X X X X X X Extracts X X X X ..... - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - eligibility of Corporate Debtor for filing an application u/s 10 of Insolvency Bankruptcy Code 2016 - HELD THAT:- From the record, it appears that there is income and profit generated by the Company in the financial year 31st March, 2017, we are not inclined to interfere with the impugned order. Appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... ble for filing an application u/s 10 of Insolvency & Bankruptcy Code ('I&B' Code), 2016. Learned counsel appearing on behalf of the Respondent submits that the Adjudicating Authority has also stated that the Securities and Exchange Board of India (SEBI) is not Operational Creditor but we are not accepting such an issue in view of decision of this Appellate Tribunal in "Pr. Director General of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otherwise, as Section 5(8) is an inclusive definition. On the other hand, an 'operational debt" would include a claim in respect of the provision of goods or services, including employment, or a debt in respect of payment of goods or services, including employment, or a debt in respect of payment of dues arising under any law and payable to the Government or any local authority." 28. From the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s payment of Income Tax, Value Added Tax etc., will arise. As the 'Income Tax', 'Value Added Tax' and other statutory dues arising out of the existing law, arises when the Company is operational, we hold such statutory dues has direct nexus with operation of the Company. For the said reason also, we hold that all statutory dues including 'Income Tax', 'Value Added Tax' etc. come within the meaning ..... X X X X Extracts X X X X X X X X Extracts X X X X
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