NCLT JUDGEMENT ON SECTION 3, 3(10), 3(11), 3(23), 5, 5(7), 5(8), 5(20), 5(21), 7, 8, 8(1), 8(2), 9 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, RULE 5(2), 6 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 2(Z), 2(ZN) OF THE REAL ESTATE (REGULATION AND DEVELOPMENT) ACT, 2016

NAME		MOBILE NO.	E-MAIL I’D
RANJEET KUMAR		8383098478, 9667769795	rk@courtkutchehry.com
JAI THAKUR		8130703334, 9355723300	jai.thakur@courtkutchehry.com
RAJEEV RANJAN		9334553249	rajiv.ranjan@courtkutchehry.com
ASHOK MISHRA		9718327746	sales@courtkutchehry.com
RAVI KUMAR			ravi.singh@courtkutchehry.com

Ashok Agarwal Vs. Amitex Polymers Private Limited, (2020) 06 NCLT CK 0040

NCLT dismissed the petition filed by the petitioner, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'code') read with Rules 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority), 2016 (for brevity 'the Rules') with a prayer to initiate the Corporate Insolvency process against the Corporate Debtor. While dismissing the petition NCLT held that we would like to refer the latest decision of Hon'ble NCLAT passed in the matter of Digamber Bhondwe Vs. JM Financial Asset Reconstruction Company Limited in which Hon'ble NCLAT held ''We further reject the submission that because in Section 3(10) of I&B Code in definition of "Creditor" the "decree holder" is included it shows that decree gives cause to initiate application under Section 7 of I&B Code. Section 3 is in Part I of I&B Code. Part II of I&B Code deals with "Insolvency Resolution And Liquidation For Corporate Person", & has its own set of definitions in Section 5. Section 3(10) definition of "Creditor" includes "financial creditor", "operational creditor" "decree holder" etc. But Section 7 or Section 9 dealing with "Financial Creditor" and "operational creditor" do not include "decree-holder" to initiate CIRP in Part II." and when we shall consider the case in hand in the light of aforesaid decision then we are of the considered view that a decree-holder does not come within the definition of Operational Creditor, therefore, the present application is not maintainable.