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2020 (8) TMI 578 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - realization of interest on delayed payments - HELD THAT:- Admittedly, the outstanding amount against the “Corporate Debtor‟ is towards interest amount of ₹ 22,64,054/-, for delayed payment against the goods sold and delivered. It is evident from the particulars of claims annexed with the Appeal as Annexure A2. In case of SBF PHARMA VERSUS GUJARAT LIQUI PHARMACAPS PVT. LTD. [2019 (11) TMI 1431 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], this Appellate Tribunal rejected the Petition for the realization of only interest amount, on the ground that the Petition is filed for other than for the Resolution of Insolvency or liquidation. The respondent further contends that, the claim of interest alone on loan, does not clarify as an “Operational Debt‟ under the “I & B Code‟. It is settled that the charging of interest, ought to be an actionable claim, enforceable under law, provided it was properly agreed upon between the parties. In this case, Learned Counsel for the Appellant submits that the email dated 05th September 2015, relates to the quotation only. It is pertinent to mention that “Operational Creditor‟ issued first demand notice on 28th December 2018. Based on this first demand notice. The “Corporate Debtor‟ made the payment of the principal amount, and only an interest amount of ₹ 22,64,054/- remained outstanding towards interest, for which the “Corporate Debtor‟ raised the dispute. After that, the “Operational Creditor‟ issued the demand notice on 15th January 2019 Application for initiation of corporate insolvency resolution process under Section 9 of the I & B Code was filed before the Adjudicating Authority. Before the issuance of the second demand notice, the dispute relating to the payment of interest was existing. Therefore, the Adjudicating Authority rejected the Application by the Impugned Order. It is also pertinent to allege that the outstanding amount is towards interest on the delayed payments, for which there was a pre-existing dispute, before issuance of demand notice. The alleged claim amount, towards interest on loan alone, cannot be termed as an “Operational Debt‟ - Appeal dismissed.
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