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TMI Blog2020 (5) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... the Corporate Insolvency Resolution Process (CIRP) against M/s. Micro Therapeutic Research Labs Pvt. Ltd. (hereinafter called as "Corporate Debtor") 2. Part - I, of the Application discloses the fact that the Petitioner is a Public Limited Company. Part-II of the Application gives all the particulars of the Corporate Debtor from which it is evident that the Corporate Debtor is a Private Limited Company with CIN:U85195TN2005PTC055378 which was incorporated on 15-2-2005 and that its Authorized Share Capital and Paid-up Capital is Rs. 10,30,00,000/- and Rs. 10,30,00,000/- respectively. The Registered Office of the Corporate Debtor as per the Application is stated to be situated at No. 3, 4th Cross, Maniammaistreet, Kamarajapuram, Rajakeezhpak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cal trials on the specified products of the Operational Creditor. 6. The Learned Counsel for the Operational Creditor submitted that the Corporate Debtor has raised several invoices in respect of the test it was required to conduct and the Operational Creditor has honoured these invoices and made necessary payments to the Corporate Debtor for an amount of Rs. 3,47,73,719/-. 7. It was submitted by the Learned Counsel for the Operational Creditor that by way of an order dated 25.09.2014, the Hon'ble High Court of Karnataka, the research and development division of Genovo, with its assets, liabilities and various agreements/contracts had merged with the Operational Creditor and as a result of which the amount which was due to Genovo has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Notice dated 20.11.2017 under section 8 of the IBC, 2016 was served to the Corporate Debtor and the Corporate Debtor has sent a reply notice dated 01.12.2017 denying the existence of the debt but has failed to point out any specific pendency of the suit or arbitration proceedings in relation to such dispute. Hence, under the circumstances, the Operational Creditor has filed the present petition. 10. Before this Authority delves upon the merits of the case, prima facie we are of the view that the transaction as stated to be between the Operational Creditor and Corporate Debtor does not qualify as an 'Operational Debt'. However, the learned Counsel for the Operational Creditor in order to substantiate that its debt is an 'Oper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;claim' should be capable of being treated as a 'debt' as defined under section 3(11) of IBC, 2016. (c) And such 'debt' should fall within the confines of "Operational Debt" as defined under section 5(21) of IBC, 2016. (d) And the said "Operational Debt" must be owed by the Corporate Debtor to the Creditor, who can then be considered as an Operational Creditor under section 5(20) of IBC, 2016. 13. Further, in the matter of Jindal Steel & Power Ltd. v. DCM International Ltd. [2017] 86 taxmann.com 270 (NCLT - New Delhi), similar issue fell for consideration before one of us while sitting in New Delhi Bench -III, and the definition of "Operational Debt" and as to how a claim can be construed as an "Operational Debt" w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debt' as contained in section 5(21) of the IBC, 2016, the following position and careful usage of the word 'or', 'and' at the appropriate place by the Legislature emerges; (a) Claim in respect of provision of- (i) Goods or (ii) Services, including employment; or (b) Debt in respect of payment of dues arising under any law for the time being in force and payable to- (i) the Central Government, (ii) any State Government; or (iii) any local authority. 16. Thus, it is evident that, in relation to the second part of the definition of 'Operational Debt', it is clear that the 'debt in respect of payment of dues arising under any law for the time being in force' should be payable to the Central Gov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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