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TMI Blog2017 (6) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor : Abhishek Paruthi, Rishi Kapoor Raunak Satpathy For the Corporate Debtor : Shashaank Bhansali, Advocate ORDER M. M. Kumari Chief Justice (Retd.) (President) The 'Operational Creditor' has approached this Tribunal with a prayer for initiation of corporate insolvency resolution process against the 'Corporate Debtor' -Respondent under Section 9 of the Insolvency and Bankrup ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .02.2017: Rs. 269773.00 (Rounded off) PROVIDENT FUND AMOUNT Principal Amount: Rs. 98,196.00 Date of Default: 20.11.2014 Simple Interest @,1 50/0 from 20.11.2014 to 07.02.2017= Rs. 32, 727.52 Total: Rs. 1,30, 923.52 Amount Due as on 07. 02.2017: Rs. 1,30, 924.00 (Rounded off)." 2. A perusal of the aforesaid statement would show that for every delayed payment simple interest @15% has be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluded in the expression financial debt under Section 5(8) of the Code. It may be true that in Section 5(21) of the Code, the expression 'Operational Debt' has been defined to mean a claim in respect of provision of goods or services including employment and there is no mention of any element of interest as used in Section 5(8) of the Code while defining the expression 'financial debt', yet we can ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herefore, we are not able to persuade ourselves that a case for initiating Corporate Insolvency Resolution Process is made out (CIRP) because this process cannot be used as a recovery mechanism. Therefore, we dispose of the petition by giving liberty to the petitioner to avail any other remedy in accordance with law. We also clarify that any observation made in this order shall not be considered a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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