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TMI Blog2022 (4) TMI 944X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant : Ms. Malvika Trivedi, Sr. Advocate with Mr. Nishant Bishnoi, Mr. Saurabh Ajay Gupta and Ms. Srishti Prabhakar, Advocates For the Respondent : Dr. Harsh Surana, Ms. Deeplai Surana, Mr. Sandeep Malik, Advocates for R-1. Mr. Kaustav Som and Mr. Arjun Krishnan, Advocates for R-2. JUDGEMENT [ Per : Shreesha Merla , Member (T) ] 1. Challenge in this Appeal is to the Impugned Order dated 13.11.2019 passed by the Ld. Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) in CP (IB) 2556/MB/2019 admitting the Application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'The Code'). By the Impugned Order, the Adjudicating Authority has observed as follows: "7. Admittedly, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent, but the same was not in respect of any of the invoices issued during the course of the business transactions. * It is strenuously argued by the Learned Counsel that the balance sheet for the financial year 2015-16 of the Corporate Debtor reflects the amount 'as an advance' and hence does not fall within the ambit of the 'Definition' of 'Operational Debt' as defined under Section 5(21) of the Code. 3. Submissions of the Learned Counsel for the First Respondent-Operational Creditor: * Learned Counsel for the First Respondent drew our attention to the ledger statement which clearly shows that a sum of Rs. 4,90,01.183/- is receivable from the Corporate Debtor company. * It is further submitted by the Operational Creditor that there ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount was 'an advance paid' and hence does not fall within the purview of the ambit of the definition of 'Operational Debt'. At this juncture, we find it relevant to reproduce the 'Definition' of 'Operational Debt' as defined under Section 5(21) of the Code: "5 (21). "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 due arising under any law for the tie being in force and payable to the Central Government, any State Government or any local authority;" 7. It is evident from the Statement of Account that the payments which the Appellant contends have all been made, were not done 'invoice wise'. Not a single payment is reflected as per the invoice rai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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