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2018 (12) TMI 1682 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATAAdmissibility of application - Initiation of Corporate Insolvency Resolution Process - non-payment of interest amount on the original debt, outstanding towards goods supplied to the Corporate Debtor - agreement to pay interest on the late payment or not - whether the dispute of paying interest was raised by the Corporate Debtor and such dispute is pending or not? - section 9 of Insolvency & Bankruptcy Code, 2016. HELD THAT:- Section 3(11) of I&B Code defines debt as "debt means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt." So, once it is found that the Corporate Debtor was liable to pay interest on delayed payment, it can safely be held that the amount towards interest is also the debt recoverable from the Corporate Debtor. The Corporate Debtor, M/S. Eastern Coalfields Limited is liable to pay interest to the Operational Creditor, that has not been paid in spite of demand. The Operational Creditor complied with other requirements under section 9(3)(b) and 9(3)(c) of the I&B Code. This fact is also otherwise not in dispute. As the application is complete in all respects, this application is allowed. Application admitted - moratorium declared.
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