operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment 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;
operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in
operational debt in normal course means a debt arising during the operation of the Company (‘Corporate Debtor’). The ‘goods’ and ‘services’ including employment are required to keep the Company (‘Corporate Debtor’) operational as a going concern. If the Company (‘Corporate Debtor’) is operational and remains a going concern, only in such case, the statutory liability, such as payment of Income Tax, Value Added Tax etc., will arise. As the ‘Income Tax’, ‘Value Added Tax’ and other statutory dues arising out of the existing law, arises when the Company is operational, we hold such statutory dues has direct nexus with operation of the Company. For the said reason also, we hold that all statutory dues including ‘Income Tax’, ‘Value Added Tax’ etc. come within the meaning of ‘Operational Debt’.
More Definitions of operational debt
operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the
operational debt means a claim in respect of the provision of
operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law and is payable to the Central Government or any State Government or any Local Authority. From the above definition of ‘operational debt’, it is evident that neither there is any provision nor there is any scope to include the interest to constitute as the operational debt.
operational debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable t o t h e C e nt r a l Gov e r n m e nt, a ny St a t e Government or any local authority;