9911796707
TMI Blog2024 (11) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... lication filed by the Appellant. The Adjudicating Authority by the impugned order has held that the amount of invoices covered under Section 10A has to be excluded and there is no agreement for interest and the amount which is claimed is reduced to Rs. 92,09,732/-, which is less than the threshold limit of Rs. 1 Crore and Section 9 application cannot be admitted. Aggrieved by the impugned order this appeal has been filed. 2. Learned counsel for the Appellant submits that there was running account between the parties and in view of the fact that there was running account and the Corporate Debtor has acknowledgment the payment by the balance confirmation, amount which is to be accepted is that amount which is at the foot of the running accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the existence of the debt and in support of his contention, Counsel for the Petitioner has relied upon Naresh Chaudhary (Suspended Director JJ NIK-SAN Engineering Company v. Sterling Enamelled Wires Pvt. Ltd. And Anr., Company Appeal (AT) (Insolvency) No. 39 of 2023 & IA No. 137 of 2023. However, we have gone through the cited case and it has not been held anywhere in this case that if the debt falling due within l0A period is subsequently acknowledged by the Corporate Debtor, it would not be barred under Section l0A of the Insolvency and Bankruptcy Code, 2016. Therefore, it cannot be successfully argued on behalf of the Operational Creditor that if the operational debt falling due within 10A period is acknowledged subsequently by the Cor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 10A period which is statutory scheme for a purpose and object. The statutory scheme which is reflected in Section 10A cannot be allowed to be defeated, even by claim of Appellant that amount claimed being running account or any action of the Corporate Debtor of confirmation of debt. 6. In so far as interest under MSME Act is concerned, the Adjudicating Authority has considered the same in Para 27 and returned following findings: "27. On the other hand, it has been argued by the Counsel for the Corporate Debtor that there was no agreement between the parties with regard to the payment of interest nor any interest was paid by the Corporate Debtor at any point of time. He has referred to the ledger produced by the Operational Creditor i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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