TMI Blog2022 (6) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... ne cannot be claimed or pursued, in absence of the debt, to trigger a CIR process against the corporate Debtor. Further, the application pursued for realization of the interest amount alone is against the intent of the IBC, 2016. It is concluded that the CIRP against a Corporate Debtor cannot be initiated/triggered solely on the basis of the un-paid amount of interest where the entire principal amount has already been discharged by the Corporate Debtor. Petition dismissed. - (IB)-255(ND)/2021 - - - Dated:- 23-5-2022 - SH. ABNI RANJAN KUMAR SINHA, MEMBER (JUDICIAL) AND SH. L. N. GUPTA, MEMBER (TECHNICAL) For the Applicant : Adv. Rakesh Kumar, Adv. Preeti Kashyap Adv. Ankit Sharma For the Respondent : Adv. Anil Kher, Adv. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on 08.12.2021, it was submitted by the Ld. Counsel for the Applicants that the principal amount of Rs 1.5 Crore has already been paid by the Corporate Debtor and only an amount of Rs. 64 lakh is left to be paid towards the interest component. Accordingly, the Applicants were directed to convince the Bench on the maintainability of the application since, the defaulted amount subsisting has been less than Rs.01 (one) crore. 7. Accordingly, the Applicants during their submissions on 19.04.2022, have stated that since the liability towards the principal amount was discharged during the pendency of the present application, therefore, the petition is maintainable. It was further added that the term financial debt as defined under Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould like to refer to the definition of the term claim as defined under Section 3(6) of IBC, 2016, which is reproduced below : (6) claim means (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured.. 13. That from the perusal of the aforesaid definitions, it is observed that the interest is not included in the term debt per se. Rather, the interest can be claimed as fin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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