Operational creditor
Section 5(20) of the Insolvency and Bankruptcy Code, 2016 (Code for short) defines the expression operational creditor as a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred.
Operational debt
Section 5(21) of the Code defines the expression operational debt as 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 for the time being in force and payable to the Central Government, any State Government or any local authority.
Initiation date
Initiation date is the date on which an operational creditor makes an application to the Adjudicating Authority for i…
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