Facts/Background:

• Chipsan Aviation Private Limited, the Operational Creditor, was the Appellant.
• Punj Lloyd Aviation Limited, the Corporate Debtor, was the Respondent.
• The Appellant engaged the Corporate Debtor for long-term charter services of aeroplanes and helicopters and, in furtherance of this, advanced Rs. 60 lakhs on 28.03.2016 towards the consideration for the aviation services.
• The Corporate Debtor failed to perform its contractual obligations and did not refund the amount. Multiple email correspondences were exchanged between the parties, and on 08.11.2017, the Appellant formally demanded a refund.
• On 26.03.2019, the Appellant filed a complaint with the Registrar of Companies, Delhi and Haryana, detailing the facts and seeking an investigation and action against the Corporate Debtor’s officials.
• On 19.09.2019, the Appellant issued a Demand Notice under Section 8 of the Insolvency and Bankruptcy Code and filed an application under Section 9 of the IBC seeking Rs.97,40,055. The Corporate Debtor contested the claims, asserting no privity of contract and the application being barred by limitation.
• The National Company Law Tribunal(NCLT), New Delhi, rejected the Section 9 Application, ruling that the advance payment did not constitute an Operational Debt under the Insolvency and Bankruptcy Code (IBC).
• Aggrieved by the NCLT, New Delhi order, the Appellant filed the present appeal.
  

Main Issue:

• Does the payment of Rs. 60 lakhs to the Corporate Debtor qualify as operational debt under Section 5(21) of the Insolvency and Bankruptcy Code, 2016?