TaxTMI 
TaxTMI 
2022 (1) TMI 976
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....edabad Street, Carnac Bunder, Masjid Bunder East Mumbai, Maharashtra-400009. Therefore, this Bench has Jurisdiction to deal with the present petition. 3. The present petition was filed on 26.03.2021 by the Operational Creditor before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a total sum of Rs. 5,77,43,663/- (Rupees five crore seventy-seven lakh forty-three thousand six hundred sixty-three only) including the interest at the rate of 21% p.a. The details of the total outstanding are as under: Principal amount: Rs. 4,75,25,524/- (Rupees four crore seventy-five lakh twenty-five thousand five hundred twenty-four only); Interest amount: Rs. 1,02,18,139/- (Rupees one crore two lakh eighteen thousand one hundred thirty-nine only); Total outstanding: Rs. 5,77,43,663/- (Rupees five crore seventy-seven lakh forty-three thousand six hundred sixty-three only). 4. The case of the Operational Creditor is as under: a) The Operational Creditor has supplied Stainless Steel items of various descriptions based on the purchase order issued by the Corporate Debtor. The Corporate Debtor made payment for invoices....
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.... Settlement Deed dated 10.03.2019 specified for 18% interest in case of default in the payment. Clause 5 of the Settlement Deed is as follows: "That the "Debtor" agrees that in case of any default in the re-payment of instalments in timely manner, the "Creditor" can initiate all legal proceedings and take all the legal re-course against "Debtor" along with damage and cost along with the interest at 18% per annum from the date of default." 5. The case of the Corporate Debtor is as under: a) The Corporate Debtor has admitted the purchase of Stainless-Steel items of various description amounting Rs. 6,33,05,524/- (Rupees six crore thirty-three lakh five thousand five hundred twenty-four only). The Corporate Debtor has not denied the supply and the terms of payment. b) The Corporate Debtor has not denied the Settlement Deed dated 10.03.2019 entered into between Operational Creditor and Corporate Debtor. The Corporate Debtor submitted that in view of the COVID-19, the Corporate Debtor was facing difficulty to make payment to the Operational Creditor. c) The Corporate Debtor confirms that the principal amount of Rs. 4,75,25,524/- (Rupees four crore ....
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....ed by the Corporate Debtor which is at p. 2, para 6 of the said Reply; b) The date of default is 30.06.2019. 13. The Corporate Debtor filed the Reply and denied the interest portion stating that there is no interest clause mentioned in the invoices raised on the Corporate Debtor. However, upon perusal of the records and documents filed by the Operational Creditor, the Purchase Order at p. 41 and the Invoices attached clearly show that interest is chargeable @ 21% p.a. after the due date of payment. Further, as per Settlement Deed dated 10.03.2019, both Operational Creditor and the Corporate Debtor have agreed for interest @ 18% p.a. for payment after due date. Hence, the Bench is of the considered view that the Operational Creditor is entitled to charge interest from Corporate Debtor. 14. Therefore, the Petition made by the Operational Creditor is complete in all respects as required by law. It clearly shows that the Corporate Debtor is in default of a debt due and payable, and the default is in excess of minimum amount of One Crore rupees stipulated amendment made under section 4(1) of the IBC. Therefore, the default stands established and there is no reason to deny....
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....tion 33 of the IBC, as the case may be. (e) Public announcement of the CIRP shall be made immediately as specified under section 13 of the IBC read with regulation 6 of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. (f) Mr. Prabhakar Kumar, registration No. IBBI/IPA-002/IP-N00774/2018-19/12373, as Interim Resolution Professional to carry the functions as mentioned under IBC, the fee payable to IRP/RP shall comply with the IBBI Regulations/Circulars/Directions issued in this regard. The IRP shall carry out functions as contemplated by Sections 15, 17, 18, 19, 20, 21 of the IBC. (g) During the CIRP Period, the management of the Corporate Debtor shall vest in the IRP or, as the case may be, the RP in terms of section 17 of the IBC. The officers and managers of the Corporate Debtor shall provide all documents in their possession and furnish every information in their knowledge to the IRP within a period of one week from the date of receipt of this Order, in default of which coercive steps will follow. (h) The Operational Creditor shall deposit a sum of Rs. 5,00,000/- (Rupees five la....