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2021 (7) TMI 1081 - Tri - Insolvency and BankruptcySeeking setting aside of the rejection of claim of the Applicant by the Liquidator - Section 42 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT:- The Applicant charging 12% interest on the outstanding amount is not wrong. Moreover, the contention of the Respondent that the assignment of debt (if it can be so called) in the form of letters of ultimate suppliers, require stamp duty to be paid as mandated under law. However, the Respondent has admitted to the fact that ₹ 3,61,595/- was reflecting in the books of accounts of the Corporate Debtor, on the basis of which the Respondent admitted the said principal amount. Therefore, there are no reason in delving into the approval of the principal amount and the claim of the Applicant including interest is due and payable by the Corporate Debtor. The claim of the Applicant in respect of M/s. Shyam Enterprises cannot be denied, to the extent of the principal amount. And the claim of the Applicant with respect to the interest charged is still unclear, as no proof/documents/evidence have been provided by the Applicant. In the circumstances, the Liquidator shall verify the veracity of the claims of the Applicant with respect to the interest amount and take a decision accordingly. It is seen that the Corporate Debtor was maintaining a running account on ledger basis of both the Applicant as well as the ultimate suppliers. The Liquidator while accepted the claim of ₹ 3,61,595/- of the Applicant in respect of M/s. Sohan Lal & Sons, there is no reason why a different and a rather inconsistent logic/approach shall be adopted by the Liquidator in terms of the claim of the Applicant in respect of M/s. Shyam Enterprises, in particular when the Corporate Debtor remained under the shadows of BIFR and hence, isolated itself from any claims/recovery. It is seen that the claim of the Applicant excluding interest amount of ₹ 7,86,276/- (M/s. Shyam Enterprises) is admissible - Liquidator is directed to act in accordance with the observations of this Adjudicating Authority.
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