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2019 (8) TMI 1304 - Tri - Insolvency and BankruptcyInitiation of CIRP - Corporate Debtor committed default in making payment - Section 9 of Insolvency and Bankruptcy Code (hereinafter called “Code”) read with Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 - HELD THAT:- The Corporate Debtor filed reply to the petition stating that the Petitioner is misusing the Code and further stated that charging an interest @18% p.a. is not in terms of the agreement entered into between the Petitioner and the Corporate Debtor. However, the invoices annexed by the Petitioner clearly reveals that the Petitioner is entitled to charge interest @18% p.a. on the delayed payments - This Bench on going through the Petition and after hearing the submissions of the Counsel for both sides came to the conclusion that there is debt and default. This Bench having been satisfied with the Petition filed by the Operational Creditor which is in compliance of provisions of section 9 of the Insolvency and Bankruptcy Code admits this Petition declaring moratorium - petition admitted.
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