2019 Amendment To Section 31 IBC Has Retrospective Operation

Case: Ghanashyam Mishra And Sons Private Limited Vs.Edelweiss Asset Reconstruction Company Limited

Coram: Justices RF Nariman, BR Gavai and Hrishikesh Roy

Case No: [CA 8129 OF 2019]

Court Observation: “The Central Government, any State Government or any local authority to whom an operational debt is owed would come within the ambit of ‘operational creditor’ as defined under subsection (20) of Section 5 of the I&B Code. Consequently, a person to whom a debt is owed would be covered by the definition of ‘creditor’ as defined under subsection (10) of Section 3 of the I&B Code. As such, even without the 2019 amendment, the Central Government, any State Government or any local authority to whom a debt is owed, including the statutory dues, would be covered by the term ‘creditor’ and in any case, by the term ‘other stakeholders’ as provided in subsection (1) of Section 31 of the I&B Code.”

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