2021 (5) TMI 545

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...., 2016 (in short "AAA Rules-2016") by M/s. 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 colu....

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....he application wherein the applicant has clearly 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.....

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....said balance of Rs. 16,20,000/- to the Operational Creditor. 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 liab....