in the previous video we discussed the procedure of the insolvency and bankruptcy code in this particular video how to file an application before the adjudicating authority i.e. the NCLT so now the Financial Creditors, Operational Creditors and Corporate Debtor have three differant ways to approach the adjudicating authority (‘”AA”) , in this particular video we shall be concentrating on the applications filed by the financial creditor & operational creditor from a company point of view Part 1 Link – in the description box below Part 1 Link – in the description box below Part 1 Link – in the description box below Part 1 Link – in the description box below now that we have seen how to file an application before the adjudicating authority by the FC & OC, OC should give importance to the dispute between the corporate debtor and the operational creditor because if there is and pre – existing dispute the two resolution process cannot begin so now let’s see what qualfies as a dispute ? when an operational creditors gives or supplies any material or goods to a corporate debtor and the corporate debtor does not pay for the materials purchased by him the operational creditor before giving a demand notice to the corporate debtor must make sure that there is no pre existing dispute between the operational creditor and the corporate debtor So even if there is any dispute regarding the quality of goods and services supplied to the corporate debtor, the corporate debtor must inform this to the operational creditor within reasonable time after the purchase of such goods and services so if there is any contention raised for a pre existing dispute corporate debtor must make sure that such contention is not sham bogus or frivolous for eg. if there is any breach of condition of a non disclosure agreement between a corporate debtor and an operational creditor such breach of condition of a non – disclosure agreement will not fall within the purview of what qualifies as a dispute of course, the breach of condition of a non disclosure agreement may be considered by the court as this is the claim for unliquidated damages (no specific amount) unliquidated damages (no specific amount) which shall be crystallized (fixed) after CIRP begins