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2019 (10) TMI 500 - NATIONAL COMPANY LAW TRIBUNAL, SPECIAL BENCH, CHENNAIEntitlement to Maturity Premium and Default Interest - HELD THAT:- Since the debenture holders are entitled to get this Maturity Premium amount over and above the principal and interest, it cannot be said that this Applicant is not entitled to claim maturity premium just because CIRP has been initiated against the corporate Debtor. An agreement between the parties is a document sacrosanct deciding the rights of the parties and the same will remain binding upon the parries, therefore when the obligations created upon themselves are violated, unless and until law prohibits from enforcing such obligations, the consequences of violation will automatically follow - By the language of this agreement between the parties, the Maturity Premium is to be construed as amount due as stated under this document, because the corporate debtor admittedly defaulted in repaying as agreed, therefore in the event of default, this debenture holders are entitled to claim even Maturity Premium as well. The debenture holders are only entitled to ₹ 20,94,152 default interest upon the default amount, as to the remaining balance default interest claim of ₹ 1,94,72,660 the debenture holders are not entitled because the remaining balance of default interest claim is not due as on the date of admission of this case, therefore, the claim of ₹ 1,94,72,660 as default interest is hereby rejected. Application disposed off.
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