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TMI Blog2022 (1) TMI 1266X X X X Extracts X X X X X X X X Extracts X X X X ..... ankruptcy (Application to Adjudicating Authority) Rules, 2016 with a prayer to initiate the Corporate Insolvency Resolution Process against M/s. United Concepts and Solutions Pvt. Ltd. (for brevity the 'Corporate Debtor'). 2. That the Corporate Debtor namely, M/s. United Concepts And Solutions Pvt. Ltd. is a Company incorporated on 31.05.1999 with CIN U70100DL1999PTC100002 under the provisions of the Companies Act, 2016 having its registered Office at A-1A, 31 B, Janakpuri, New Delhi-110058, which falls within the territorial jurisdiction of this Bench. 3. That the Authorized Share Capital of the Corporate Debtor is Rs.1,25,00,000/- and Paid-up Share Capital is Rs.1,01,01,900/- as per the Master Data of the Corporate Debtor. 4. That the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he debtor or the corporate debtor, as the case may be;" 9. Since the term default refers to the terms like non-payment of debt and debt becoming due and payable, we would like to examine the definition of "debt" as defined under Section 3(11) of IBC, 2016. The contents of the same are reproduced below - (11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; 10. Since the term debt means a liability or obligation in respect of a claim, we visit the definition of "claim" as defined under Section 3(6)- "(6) "claim" means - "(a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... given below: "15. I am, however, of the view that the issue here is to be determined, in view of the provisions of the 'Code' which has come into force w.e.f. 01.12.2016. Learned Counsel for parties have not disputed that the term 'debt' or operational creditor were not defined in the 1956, Act. This term is now defined in section 3(11) of the 'Code' as meaning 'a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt'. We are presently concerned with the definition of term "operational debt" as defined in section 5(21) of the Code. Section 5(20) defines "operational creditor" as meaning a person to whom an operational debt is owed and includes any person to whom such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "10. The other judgments cited by learned Counsel for Appellant broadly lay down that any statute/law can be applied retrospectively only if explicit provision regarding its retrospective application is made in the statute. It is seen that notification dated 24.3.2020 (supra) makes it unambiguously clear that the threshold limit to be considered for section 9 application will be Rs. 1 crore. This threshold limit will be applicable for application filed u/s 7 or 9 on or after 24.3.3020 even if debt is of a date earlier than 24.3.2020. Since the application under section 9 which is the subject matter of this appeal was filed on 13.9.2020, therefore the threshold limit of Rs. 1 crore of debt will be applicable in the present case." 17. Sinc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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