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2020 (10) TMI 61 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - HELD THAT:- The Operational Creditor has repeatedly spurned the offer of the Corporate Debtor to make payment of the principal sums due. However, in the interest of justice and because the Corporate Debtor has, during the course of hearings, repeatedly expressed its intention to settle the principal sum due, we hereby direct the Corporate Debtor to make payment of the principal sum due within a period of fifteen days from the date of pronouncement of this order. We leave it to the wisdom of the Operational Creditor to accept such principal sum due from the Corporate Debtor The object of the Code is not advanced by surprising the Corporate Debtor with a claim for interest firstly by claiming that it was as per "industry practice" and thereafter making a pitch that it was as per MSME Act, when the Operational Creditor was confronted with a question posed by this Bench as to how the claim for interest was sustainable when neither the purchase order nor the invoices carried a provision therefor. In the present case, the claim for interest has been brought against the Corporate Debtor even though it was never put on notice that the Operational Creditor was registered under MSME Act. The present petition fails and therefore, the same is rejected - petition dismissed.
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