TaxTMI 
TaxTMI 
2020 (8) TMI 578
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.... Bankruptcy Code 2016 (for short "I & B Code‟) by the Appellant /applicant M/s Steel India to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor M/s Theme Developers Pvt. Ltd. The appellant contends that the "Corporate Debtor‟ committed default in making payment to the extent of Rs. 22,64,054/-, which is inclusive of interest calculated @ 2% on the delayed payments against goods sold and delivered by the "Operational Creditor‟ to the "Corporate Debtor‟. The Applicant states that it supplied the steel bars to the "Corporate Debtor‟ for their construction activity, at their project sites and against these supplies various invoices have been raised. Details of invoices are given b....
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.... liable to pay the amount, as claimed by the "Operational Creditor‟. The demand notice has been issued on 15th January 2019. The petition was rejected, on the ground of pre-existing dispute, covered under Section 5 sub Clause 6(a) of the I & B Code 2016. The Learned Counsel for the Respondent, corporate debtor submits that the "Operational Creditor‟ has filed the Application under Section 9 of the I & B Code, before the Adjudicating Authority, alleging its dues towards interest on loan alone, which is not maintainable, given the decision of this Appellate Tribunal in the cases of SBF Pharma V Gujarat Pharma caps Pvt. Ltd, Company Appeal (AT) (Insolvency) No. 883 of 2019 and Company Appeal (AT) (Insolvency) No. 1227 of 2019 in....
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....iculars of claims annexed with the Appeal as Annexure A2 (Page 16). This Appellate Tribunal in the case of Company Appeal (AT) (Insolvency) No. 1227 of 2019 in S.S. Polymers Versus Kanodia Technoplast Limited held that: "5. Admittedly before the admission of an application under Section 9 of the I&B Code, the "Corporate Debtor‟ paid the total debt. The application was pursued for realisation of the interest amount, which, according to us is against the principal of the I&B Code, as it should be treated to be an application pursued by the Applicant with malicious intent (to realise only Interest) for any purpose other than for the Resolution of Insolvency, or Liquidation of the "Corporate Debtor‟ and which is barred i....
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....#8223; is liable to pay interest amount as per agreed terms and conditions. The "Operational Creditor‟ has placed reliance on the email dated 05th September 2015, which shows that "Operational Creditor‟ quoted the rate to the "Corporate Debtor‟ wherein, it was mentioned that if payment was delayed for more than 60 days, then interest@ 2% per month will be charged. The "Operational Creditor‟/Appellant has not filed any document to show that the "corporate debtor ever agreed to pay the interest on delayed payment. Based on an email dated 05th September 2015, it is apparent that the "Operational Creditor‟ quoted the rate, which contains the clause of charging interest on delayed payment if payment is not made w....