2022 (10) TMI 699

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..... and in the light of the judgment of the Supreme Court in M/S CONSOLIDATED CONSTRUCTION CONSORTIUM LIMITED VERSUS M/S HITRO ENERGY SOLUTIONS PRIVATE LIMITED [ 2022 (2) TMI 254 - SUPREME COURT ] which held that the amount given as advance would also fall within the definition of operational debt, this application needs to be admitted. Petition admitted - moratorium declared.
Telaprolu Rajani, J. (Member (J)) For the Appellant : M. Maharshi Viswaraj , Advocate For the Respondents : K. Devi Prasanna Kumar , Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This petition is filed by M/s. RNJ Commodities Private Limited, Operational Creditor (hereinafter referred to as OC) against the M/s. Supra Petro Chemicals Private Limited, Corporat .....

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..... eard both the counsel. The Counsel for the OC submits that by virtue of a judgment of Supreme Court in Civil Appeal No. 2839 of 2020 between Consolidated Construction Consortium Limited vs. Consolidated Construction Consortium Limited which overruled the NCLAT order dated 12.12.2019, advance given for services to be rendered is also an operational debt. The Supreme Court held at Paragraph 42 and 45 as follows: 42: It is then that we come to the core of the dispute - while the appellant has argued that the debt is in the nature of an operational debt which makes them an operational creditor, the respondent has opposed this submission. The respondent's submission, which as accepted by the NCLAT, seeks to narrowly define operational debt .....

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..... s advance would also fall within the definition of operational debt, this application needs to be admitted and accordingly the CP (IB) No. 44/9/AMR/2022 admitted. ORDER The Company Petition is admitted. The Corporate Insolvency Resolution Process of the Corporate Debtor shall commence from this date and shall be completed within 180 days hence. i. Mr. Nethi Mallikarjuna Setty, (Registration No. IBBI/IPA-001/IP-P01251/2018-2019/11958), having office at Flat No. 101, Laurel Residency, Road No. 18, Panchavati colony, Manikonda, Hyderabad, Telangana, 500089; Mobile:9963606444; e-mail: [email protected]; is appointed as the Interim Resolution Professional. No disciplinary proceeding is pending against him as per the IBBI website. ii. .....

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