9911796707
TMI Blog2022 (5) TMI 989X X X X Extracts X X X X X X X X Extracts X X X X ..... N OF INDIA ANR. [ 2022 (5) TMI 893 - SC ORDER] have held that decree holder as a class of Creditors are separate from Financial Creditors and Operational Creditors. The conclusion, therefore, is that IBC treats decree holders as a separate class of Creditors and it does not fall in the category of either a Financial Creditor or an Operational Creditor . The conclusion, therefore, is that IBC treats decree holders as a separate class of Creditors and it does not fall in the category of either a Financial Creditor or an Operational Creditor . In this instant Petition, the decree holder is neither a Financial Creditor nor an Operational Creditor. Therefore, as per Section 6 of IBC, the decree holder by law is not entitled to ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.3,62,000/- on 22.01.2016 and therefore the balance principal amount of about Rs.10,22,343/- remains to be paid by the Corporate Debtor to the Operational Creditor. 3. The Counsel for the Operational Creditor states that the Operational Creditor filed a Special Civil Suit No. 39 of 2017 before the Hon ble Civil Jude (Senior Division Palghar) and the Hon ble Court passed a Decree dated 23.07.2019 of Rs.12,93,143/- with further interest at the rate of 6% till realization. 4. The counsel for the Operational Creditor states that as there was no payment received from the Corporate Debtor after the Decree by Hon ble Civil Court, the Corporate Debtor failed to make the outstanding payment and therefore, the Operational Creditor through th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat this Hon ble Tribunal be pleased to pass an order and direct the Corporate Debtor to maintain status quo of all their movable or immovable properties including all plant and machinery till the disposal of the captioned application. (b) Pending the hearing and final disposal of this captioned application, the Corporate Debtor be restrained by an order of this Hon ble Tribunal from transferring any property to Bajaj. FINDINGS :- 7. CP 141/2020 has been filed u/s 9 of the IB Code by M/s Prashant Electricals Ltd, Operational Creditor, against VETPharma Ltd, the Corporate Debtor/ Respondent for about Rs.12.93 Lakh which has arisen for supply of goods under three Invoices during the period 09/02/2016 to 27/06/2016 along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by virtue of the decree. Since the decree cannot be executed by operation of the moratorium under Section 14, the IBC makes a provision to protect the interests of a decree holder by recognizing it as a creditor. The interest recognized is that in the decree and not in the dispute that leads to the passing of the decree. This is apparent from the fact that decree holders as a class of creditors are kept separate from financial creditors and operational creditors . No divisions or classification is made by the statute within this class of decree holders. The inescapable conclusion from the aforesaid discussion is, that the IBC treats decree holders as a separate class, recognized by virtue of the decree held. The IBC does not provide for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench is clear that as per Section 6 of the IBC, the CIRP can only be initiated by a Financial Creditor or an Operational Creditor or the Corporate Debtor itself. Section 6 of IBC in this regard reads as under:- 6. Persons who may initiate corporate insolvency resolution process. Where any corporate debtor commits a default, a financial creditor, an operational creditor or the corporate debtor itself may initiate corporate insolvency resolution process in respect of such corporate debtor in the manner as provided under this Chapter. 13. In this instant Petition and in line with the Hon'ble Supreme Court Order, the decree holder is neither a Financial Creditor nor an Operational Creditor. Therefore, as per Section 6 of I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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