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TMI Blog2021 (5) TMI 545X X X X Extracts X X X X X X X X Extracts X X X X ..... Fomra Electricals (Partnership Firm) (hereinafter referred to as "Operational Creditor") for initiation Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Delight Switchgears Private Limited (hereinafter referred to as "Corporate Debtor") on the ground that Corporate Debtor defaulted an amount of Rs. 28,02,766/- together with interest at the rate of 24% per annum. 2. In Part-IV of the application, the learned counsel for the Applicant submits that a total amount of debt is Rs. 16,20,000/- together with interest at 24% per annum from the due date of respective invoices till 12.10.2019 and liable to claim future interest at 24% till the date of its realization. In the same column, a sum of Rs. 49,052/- has been paid agai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated that the Operational creditor is entitled to recover a total sum of Rs. 16,20,000/- with interest at 24% from the due date of respective invoices till 12.10.2019. Further, the Applicant has sent a demand notice under Section 8 of IBC, 2016 on 19.10.2019 and the same was enclosed in page. 6 of the application. No reply was received from the Corporate Debtor. As per the demand notice, the applicant has stated that principal amount due is Rs. 16,20,000/- out of the total invoice amount of Rs. 35,97,276/-. In the demand notice, the applicant has also claimed Rs. 11,82,766/- as interest at the rate of 24% per annum for the delayed payment. 5. In the Counter filed by the respondent on 08.10.2020, the Corporate Debtor has denied all the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tor. It is pertinent to mention here that this application under Section 9 was filed on 13.01.2020 and the respondent made payment of Rs. 12,91,131/- on 24.01.2020 during the pendency of this IBC proceedings and that the applicant has accepted the payment made by the respondent "without protest". For the balance amount of Rs. 1,78,869/- and the same was adjusted/set off against the invoice dated 28.03.2019 (Page. 15). Further, the averment made by the Operational Creditor that the invoice amount has to be paid within a period of 30 days is also false as there is no contractual stipulation on the period of payment. Therefore, the claim of Rs. 11,82,766/- towards interest portion is liable to be rejected. The Corporate Debtor claims that as o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. The question before us is whether Operational Creditor is entitled to claim "interest on the delayed payment". If so, what is the rate of interest the applicant is entitled to and from which period is the amount, if any, is due and payable? Furthermore, whether the rate of interest was mutually agreed between parties and both are bound by it? We cannot conclude that based on the copy of invoice that applicant is entitled for the interest at the rate of 24% per annum since it is the subject matter of the City Civil Court to adduce evidence and detailed trial is required to conclude whether any interest is due and payable by the Corporate Debtor to the Operational Creditor, under invoice? 11. In terms of the above circumstances, this appl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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