I can help you with some information on the Insolvency and Bankruptcy

Code, 2016 (IBC) and its definitions of corporate applicant, financial debt
and operational debt. However, this is not a substitute for professional legal
advice and you should consult a qualified lawyer before taking any action.
According to S.5(5) of the IBC, a corporate applicant means:

 a corporate debtor; or
 a member or partner of the corporate debtor who is authorised to
make an application for the commencement of corporate insolvency
resolution process under this Code; or
 an individual who is in charge of managing the operations and
resources of the corporate debtor; or
 a person who has the control and supervision over the financial affairs
of the corporate debtor;

According to S.5(8) of the IBC, a financial debt means a debt along with
interest, if any, which is disbursed against the consideration for the time
value of money and includes:

 money borrowed against the payment of interest;

 any amount raised by acceptance under any acceptance credit facility
or its de-materialised equivalent;
 any amount raised pursuant to any note purchase facility or the issue
of bonds, notes, debentures, loan stock or any similar instrument;
 the amount of any liability in respect of any lease or hire purchase
contract which is deemed as a finance or capital lease under the
Indian Accounting Standards or such other accounting standards as
may be prescribed;
 receivables sold or discounted other than any receivables sold on non-
recourse basis;
 any amount raised under any other transaction, including any
forward sale or purchase agreement, having the commercial effect of a
borrowing;
 any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price and for
calculating the value of any derivative transaction, only the market
value of such transaction shall be taken into account;
 any counter-indemnity obligation in respect of a guarantee,
indemnity, bond, documentary letter of credit or any other instrument
issued by a bank or financial institution;
 the amount of any liability in respect of any of the guarantee or
indemnity for any of the items referred to in sub-clauses (a) to (h) of
this clause;

According to S.5(21) of the IBC, an 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;
Based on these definitions, you can identify and classify the various debts
owed by Anansi Pvt. Ltd. as follows:
a) The debt owed by Anansi Pvt. Ltd. to Jackie Enterprises is an operational
debt as it is a claim in respect of the provision of goods (plastic beads) by
Jackie Enterprises to Anansi Pvt. Ltd.
b) The debt owed by Anansi Pvt. Ltd. to Woden Factoring Agency Pvt. Ltd. is
a financial debt as it is an amount raised by Anansi Pvt. Ltd. pursuant to a
note purchase facility (bill discounting) against its receivables from Queen of
Sheba.
c) The debt owed by Anansi Pvt. Ltd. to Bank of Kubaer is a financial debt as
it is money borrowed by Anansi Pvt. Ltd. against the payment of interest and
secured by a mortgage on its registered office.
# Application under Section 7 of the Insolvency and Bankruptcy Code, 2016

## Before the National Company Law Tribunal

## Bench at ________

## C.P. No. _______ of 2023

## In the matter of:

Gringotts Bank Ltd. ... Applicant/Financial Creditor

Versus

Potter Prongs Pvt. Ltd. ... Respondent/Corporate Debtor

And

Padfoot Black Ltd. ... Respondent/Guarantor

## Application under Section 7 of the Insolvency and Bankruptcy Code,

2016 for initiation of Corporate Insolvency Resolution Process against
Potter Prongs Pvt. Ltd.

### Part I: Particulars of the Applicant/Financial Creditor

1. The Applicant/Financial Creditor is Gringotts Bank Ltd., a scheduled

bank under the Reserve Bank of India Act, 1934, having its registered
office at ___________ (hereinafter referred to as "the Applicant" or "the
Bank").
2. The Applicant is engaged in the business of banking and providing
various financial services to its customers, including lending money to
various entities for various purposes.
3. The Applicant is a financial creditor within the meaning of Section 5(7) of
the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the
Code") as it has disbursed a loan amounting to INR 100 Crores to Potter
Prongs Pvt. Ltd., the Respondent/Corporate Debtor (hereinafter referred to
as "the Corporate Debtor" or "PPPL") under a Term Loan Agreement dated
10.10.2017 (hereinafter referred to as "the Loan Agreement").
4. The Applicant is also a secured creditor within the meaning of Section
3(30) of the Code as it has obtained a corporate guarantee from Padfoot
Black Ltd., the Respondent/Guarantor (hereinafter referred to as "the
Guarantor" or "PBL") in favour of the Applicant for securing the repayment
of the loan amount by PPPL under a Deed of Guarantee dated 10.10.2017
(hereinafter referred to as "the Guarantee Deed").
5. The Applicant has appointed Mr/Ms _________ as its authorized
representative for the purpose of filing and pursuing this application under
Section 7 of the Code.

### Part II: Particulars of the Respondent/Corporate Debtor

1. The Respondent/Corporate Debtor is Potter Prongs Pvt. Ltd., a private

limited company incorporated under the Companies Act, 1956, having its
registered office at ___________ (hereinafter referred to as "the Corporate
Debtor" or "PPPL").
2. The Corporate Debtor is engaged in the business of ___________ (briefly
describe the nature and scope of business).
3. The Corporate Debtor has defaulted in repayment of its financial debt
owed to the Applicant under the Loan Agreement and has become insolvent
within the meaning of Section 3(12) of the Code.
4. The Corporate Debtor has not been subjected to any corporate insolvency
resolution process or liquidation process under the Code or any other law
for the time being in force.

### Part III: Particulars of Proposed Interim Resolution Professional

1. The Applicant proposes to appoint Mr/Ms _________ as the Interim

Resolution Professional (hereinafter referred to as "the IRP") for managing
the affairs of the Corporate Debtor during the corporate insolvency
resolution process under Chapter II of Part II of the Code.
2. The proposed IRP is an insolvency professional registered with _________
(name of insolvency professional agency) having registration number
_________ and having his/her office at ___________.
3. The proposed IRP has given his/her written consent to act as the
IRP for this case and has disclosed that he/she is not related to any of
the parties involved in this case and has no conflict of interest with
respect to this case.
4. The proposed IRP has also confirmed that he/she is not subject to
any disciplinary proceedings by any authority.

### Part IV: Particulars of Financial Debt

1. The Applicant has disbursed a loan amounting to INR 100 Crores to
PPPL under a Term Loan Agreement dated 10.10.2017 for ___________
(briefly describe
the purpose and terms of