Case Law Details
Akshat Pandey Vs Avighna Films Private Limited (NCLT Kolkata)
As envisaged under section 5(21) of the Code, an Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the re-payment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority.
Further, section 5(20) of the 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.
As per the definition of the term Operational Debt in the Code, it is clear that a debt is considered to be an operational debt, when it is confined under three categories;
(i) Goods, or;
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