2022 (1) TMI 567

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....usand two hundred and three only) plus interest at the rate of 18% p.a. as on 31.01.2020, is due and payable to Operational Creditor. Hence this petition is filed under section 9 of Insolvency and Bankruptcy Code, 2016, read with Rule 6 of Insolvency & Bankruptcy (Application to the Adjudicating Authority) Rules, 2016, seeking admission of the petition, initiation of Corporate Insolvency Resolution Process, granting moratorium and appointment of Interim Resolution Professional as prescribed under the Code and Rules thereon. 2. The Operational Creditor is a company registered under the Companies Act, 1956 and is engaged in the business of supplying electrical goods. 3. The Corporate Debtor is a company registered under the Companies Ac....

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.... may, the Corporate Debtor had paid the entire outstanding debt through RTGS on 21.01.2021 and through three cheques dated 18.09.2021, 18.09.2021 and 20.10.2021. The respondent had submitted Memo dated 08.11.2021 to that effect. 9. Corporate Debtor has made statement that the entire amount claimed in the petition has been paid. Even the Operational Creditor has confirmed the payment made by the Corporate Debtor. However, the Operational Creditor insisted for payment of interest thereon as recorded in our order dated 09.11.2021. 10. In view of the amount claimed by the Operational Creditor in the petition having been paid by the Corporate Debtor, now the question before the AA is whether interest as claimed by the Operational Creditor ....

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....rate Debtor' and which is barred in view of Section 65 of the I&B Code." (ii) Order dated 26.02.2020 of the NCLT, Hyderabad Bench in CP (IB) No. 348/9/HDB/2019, in the matter of Vakkal Impex Pvt. Limited Vs. Castall Technologies (P) Ltd., wherein it was held that, "7 It is not in dispute that an amount of Rs. 26,47,920/- as claimed in petition is received by the operational creditor. Further with regard to the claim of interest, this AA observed that the same is not substantiated with any documentary proof. There is no documentary proof for the claim of additional amount as interest. Therefore, the instant application is not a fit case for admission, and the same is liable to be rejected." 15. We observe that in the....