2020 (10) TMI 736

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..... stated hereinabove as also in view of section 238 of the IBC. While deciding the issue of 'Operational Creditor' and 'Financial Creditor', the Hon'ble Supreme Court observed in SWISS RIBBONS PVT. LTD. AND ANR. VERSUS UNION OF INDIA AND ORS. [ 2019 (1) TMI 1508 - SUPREME COURT] wherein it is inter alia observed that an 'Operational Debt would include a claim in respect of the provision of goods or service, 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. Statutory dues such as income tax, value added tax and other statutory dues arising out of law w .....

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..... means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; Financial Creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to; 3. On perusal of the definition as stated herein above, it is clear that the dues of the Government, Central Government and/or State Government or any legal author .....

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..... CI Bank Anr. in para 56 that, It is precisely for this reason that the non-obstante clause, in the widest terms possible, is contained in Section 238 of the Code, so that any right of the Corporate Debtor under any other law cannot come in the way of the Code... . 6. While deciding the issue of 'Operational Creditor' and 'Financial Creditor', the Hon'ble Supreme Court observed in Swiss Ribbons Pvt. Ltd, Anr. vs. Union of India Ors. [Writ Petition (Civil) No. 99 of 2018 wherein it is inter alia observed that an 'Operational Debt would include a claim in respect of the provision of goods or service, including employment, or a debt in respect of payment of goods or services, including employment, or a debt i .....

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