2017 (6) TMI 1168

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....ishan (Technical Member) For the 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 un....

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....imple Interest @15% from 20.11.2014 to 07.02.2017= Rs. 67, 436.36 Total: Rs. 2,69, 773.43 Amount Due as on 07.02.2017: 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 Amou....

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....n 'Operational debt', the element interest has not been mentioned and, therefore, interest cannot be claimed as part of the debt in contradistinction to element of interest included 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 ....

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....f the Provident Fund have been claimed. 5. It has come on record that the 'Corporate Debtor' is a running concern and is solvent. The amount of alleged default is disputed. Therefore, 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....