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2022 (1) TMI 976 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - settlement of dues by the Corporate Debtor - charge of Interest on Corporate Debtor - existence of debt and dispute or not - HELD THAT:- The Bench observed that the Operational Creditor and Corporate Debtor had entered into the Settlement Deed for settlement of dues by the Corporate Debtor. The said Settlement Deed clearly shows the liability of Corporate Debtor to pay the outstanding. As per the terms of the Settlement Deed the payment was to be made from 15.06.2018 till 06.03.2019. The Corporate Debtor filed the Reply and denied the interest portion stating that there is no interest clause mentioned in the invoices raised on the Corporate Debtor. However, upon perusal of the records and documents filed by the Operational Creditor, the Purchase Order at p. 41 and the Invoices attached clearly show that interest is chargeable @ 21% p.a. after the due date of payment. Further, as per Settlement Deed dated 10.03.2019, both Operational Creditor and the Corporate Debtor have agreed for interest @ 18% p.a. for payment after due date. Hence, the Bench is of the considered view that the Operational Creditor is entitled to charge interest from Corporate Debtor. The Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of One Crore rupees stipulated amendment made under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny the admission of the Petition. Accordingly, this Adjudicating Authority admits the Petition and orders initiation of CIRP against the Corporate Debtor - Petition admitted - moratorium declared.
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