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TMI Blog2023 (3) TMI 241X X X X Extracts X X X X X X X X Extracts X X X X ..... agreed services. Any debt arising from supply of goods or services including advance paid towards supply of such goods or services fall under the definition of Operational Debt. In the present case, the Applicant has filed this Application claiming itself to be a Financial Creditor under section 5 (8) (f) of the Code whereas the amount in question is in nature of an Operational Debt recoverable from the Corporate Debtor, even if the debit notes towards common amenities as claimed by the Corporate Debtor for the period subsequent to the handing over are not considered. Since the amount in question is not a financial debt, the Applicant cannot said to be a Financial Creditor so as to make eligible to file an application under section 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its members for the maintenance for the building, occupied by members of the society, in the year 2016 to 2017 in relation to commercial official building know as Marathon Innova . It is stated that the members of the society had purchased the commercial office flats in the said building developed by the Corporate Debtor. The Financial Creditor is a Co-operative Housing Society registered on 31.05.2016 under the Maharashtra Co-operative Societies Act, 1960. The Society comprising of 100 members who are allottees, being purchasers of the units in the commercial official building. It is further stated that the Applicant Society is maintaining the common area pertaining to the office flats owned by its members. 5. The members of the Applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... il 2017 to June 2018. 7. The Financial Creditor has filed this Application for a default of Rs.1,55,31,417/-, which is the amount shown as due from the Corporate Debtor in the summary appended to letter dated 25.07.2018 without deducting infra debit note as claimed by the Corporate Debtor. On perusal of this letter it is seen that there is no stipulation as to when this amount is payable. 8. From the letter dated 11.09.2019 addressed to Corporate Debtor by the legal counsel from the Applicant Society it is noticed that the responsibility towards maintaining the building was completely handed over to the Applicant Society on or around October 2016 whereupon the Applicant Society asked the Corporate Debtor to hand over the corpus. Throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor has also filed Re-joinder dated 16.12.2020 and Affidavit dated 28.02.2022 and 13.12.2021. Vide letter dated 15.04.2017, the Financial Creditor had objected to the debit note raised by the Corporate Debtor on the ground that the Corporate Debtor ought to have formed an apex body of societies in the complex for the maintenance of common areas and infrastructure in the said complex. Findings/Observations: 11. We have heard the arguments of the Learned Counsel for Operational Creditor and the Corporate Debtor. 12. From the perusal of the Premises Ownership Agreement entered with members of the Applicant Society, it is noticed that the amount claimed due from the Corporate Debtor is on account of surplus of collections mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are not considered. 14. Since the amount in question is not a financial debt, the Applicant cannot said to be a Financial Creditor so as to make eligible to file an application under section 7 of the Code. 15. In view of this the Present Application is not maintainable and hence is liable to be dismissed. ORDER 16. This Application being C.P. (IB) No. 1042/MB/C-IV/2020 filed by Innova Premises Co-operative Society Limited, the Financial Creditor/Applicant, under section 7 of Insolvency Bankruptcy Code, 2016 (I B Code) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marathon Nextgen Realty Limited, Corporate Debtor is hereby Rejected . 17. We make it clear that any observations made in this ..... X X X X Extracts X X X X X X X X Extracts X X X X
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