- (1.) This is an application filed under section 9 of Insolvency and Bankruptcy Code, 2016 with a prayer to initiate Corporate Insolvency resolution process in respect of Unitech Hi-Tech Developers Limited, respondent company.
(2.) The brief fact of the case is that petitioner had booked an apartment at Unitech Grande Sector 96, 97, 98, Noida (U.P.) in respect of which a provisional allotment letter dated 14th August 2010 was issued by respondent to the petitioner. It is submitted that the petitioner has paid a sum of Rs. 1,25,20,514/- to the respondent from time to time in consideration for the booked apartment. It is also the case of the petitioner that as per allotment letter dated 14th August 2010 the provisional date of allotment was 12th August 2010 and the possession was to be delivered within 30 months from 12th August 2010. It was a condition that if the respondent developer is not in a position to give possession of the apartment, he has to refund the amount deposited by the applicant. It is alleged that the respondents have failed to deliver the possession of the apartment within the stipulated time and has not refunded the amount deposited by the applicant with interest. As per the applicant Rs. 1,37,72,565.40/- is the amount of default outstanding against the respondent as on 12.02.2013. The applicant has enclosed a copy of demand notice dated 24.01.17 issued under Insolvency and Bankruptcy Code, 2016 to the respondent Unitech Hi-Tech Developers Limited. The applicant has also enclosed a certificate from ICICI Bank certifying that since 1.04.10 there has been no payment from the respondent Unitech Hi-Tech Developers into applicant's account.
(3.) Operational creditors and operational debt has been defined under Section 5(20) and 5(21) of the Insolvency and Bankruptcy Code, 2016 which envisages as follows: "5. In this Part, unless the context otherwise requires,- (20) "Operational creditor" means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. (21) "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.";