9911796707
TMI Blog2022 (7) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... e Code an Operational Creditor meaning a person to whom an Operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. However in this instant matter the Petitioner, who is also one of the director of the Corporate Debtor, invested money in the Corporate Debtor for production of a movie. In light of the above facts and circumstances we are of the view that an Investment made by the director of the Company does not fall under the purview of an Operational Debt under the Code. Petition dismissed. - C. P. ( IB ) No. 178/KB/2021 - - - Dated:- 14-7-2022 - Shri Rohit Kapoor , Member ( Judicial ) And Shri Harish Chander Suri, Member ( Technical ) For the Operational Creditor : Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne another company Editfx Studios Pvt. Ltd., to restrict any other person other than Ms. Sohini Ghosh to allow post production contents of the movie as well as restrain the director of the movie / cinema towards release of the movie / cinema as well as negation of the proposed return on investment to the Operational Creditor. 7. However, another director of the Corporate Debtor i.e., Pujarini Ghosh did not accepted the terms of the the agreements between Ms. Sohini Ghosh and Editfx Studios Pvt. Ltd. Therefore negation of the proposed return on investment to the Operational Creditor also came to an halt. 8. The Operational Creditor vide its letter dated 06 January, 2021 under section 8 of the Code to the Corporate Debtor, asked the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of the day. 13. It is pertinent to mention that the Corporate Debtor had promised the directors to provide funding for the pre-production till the theatrical release of the film but he did not honored his investment. This action of the Operational Creditor led to loss of the Corporate Debtor. 14. However in this case the operational debt claimed by the Operational Creditor does not fall under any of the categories. Hence, the alleged Operational Creditor in this instant case cannot initiate under section 9 of the Code. Analysis and Findings 15. We have heard the Ld. Counsel appearing for the parties and perused the records and the concerned documents annexed to the Petition. Upon perusal of the record, the issue that aris ..... X X X X Extracts X X X X X X X X Extracts X X X X
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