Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 2016 Financial debt Insolvency and Bankruptcy Code |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case(s) Referred | Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Insolvency and Bankruptcy Code, 2016: ss. 5(8), 7, 62 – Financial debt – Construction of – Person giving a term loan to a Corporate Person, free of interest, on account of its working capital requirements– Non-payment of the same by Corporate Debtor – Initiation of Corporate Insolvency Resolution Process-CIRP u/s. 7 by the appellant-lender – Rejection of the application by NCLT as also NCLAT holding that the claim cannot be termed to be a ‘financial debt’ – On appeal, held: Initiation of CIRP by a Financial Creditor u/s. 7 is the occurrence of a default by the Corporate Debtor – ‘Default’ means non-payment of debt in whole or part when the debt has become due and payable, and includes financial debt and operational debt – ‘Financial debt’ u/s. 5(8) means outstanding principal due in respect of a loan and would also include interest thereon, if any interest were payable thereon – If there is no interest payable on the loan, only the outstanding principal would qualify as a financial debt – Definition of ‘financial debt’ in s. 5(8) does not expressly exclude an interest free loan – ‘Financial Debt’ would be construed to include interest free loans advanced to finance the business operations of a corporate body – On facts, both NCLAT and NCLT misconstrued the definition of ‘financial debt’ in s. 5(8), by reading the same in isolation and out of context, thus, the order passed by the NCLAT and NCLT, set aside – Application u/s. 7 of the IBC stands revived. s. 5(8) – Financial debt – Expression ‘includes’ – Construction of – Held: Legislature has the power to define a word in a statute – Where the word is defined to include something, the definition is prima facie extensive – Depending on the context in which the word ‘includes’ may have been used, and the objects and the scheme of the enactment as a whole, the expression ‘includes’ may have to be construed as restrictive and exhaustive – Words and phrases. Interpretation of statutes: Construction/interpretation of statutory provision – Held: Legislative intent of the statute is to be seen in the words used by the legislature itself – In case of doubt, the object and purpose of the statute or the reason and spirit behind it, is to be seen – When a question arises as to the meaning of a certain provision in a statute, the provision has to be read in its context – The Statute has to be read as a whole. |
Judge | Hon'ble Ms. Justice Indira Banerjee |
Neutral Citation | 2021 INSC 359 |
Petitioner | M/s Orator Marketing Pvt. Ltd. |
Respondent | M/s Samtex Desinz Pvt. Ltd. |
SCR | [2021] 6 S.C.R. 742 |
Judgement Date | 2021-06-26 |
Case Number | 2231 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |