2022 (1) TMI 1266

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....tered Office at A-1A, 31 B, Janakpuri, New Delhi-110058, which falls within the territorial jurisdiction of this Bench. 3. That the Authorized Share Capital of the Corporate Debtor is Rs.1,25,00,000/- and Paid-up Share Capital is Rs.1,01,01,900/- as per the Master Data of the Corporate Debtor. 4. That the Part IV of the Application giving particulars of the operational debt claimed by the applicant is reproduced overleaf: 5. That during the course of preliminary hearing on 03.01.2022, while going through the Part IV of the Application, it was observed by this Bench that the Applicant has claimed a total amount of Rs.1,39,84,400/- as Operational Debt, out of which Rs.88,50,886/- only is the Principal amount and the remaining Rs.51,33,514/- is the interest component. Since the principal outstanding claimed by the Operational Creditor is less than Rs. 1 Crore, a query to the Applicant was raised by this Bench as to whether the Principal and Interest amounts can be clubbed together to reach the minimum threshold of Rs. 1 Crore as stipulated under Section 4 of IBC, 2016. 6. That in response, it was submitted by the Ld. Counsel appearing for the Operational Creditor that the ....

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....the time value of money and includes - ................. ..............." (Emphasis supplied) 12. That from the above discussion, it can be inferred that the "interest" can be claimed as the Financial Debt, but neither there is any provision nor there is any scope to include the interest to constitute as the Operational Debt. 13. That a similar finding was given by the NCLT Chandigarh Bench in the matter of M/s. Wanbury Ltd. Vs. M/s. Panacea Biotech Ltd. in CP No. 8/2016 dated 18.04.2017. The relevant extracts are given below: "15. I am, however, of the view that the issue here is to be determined, in view of the provisions of the 'Code' which has come into force w.e.f. 01.12.2016. Learned Counsel for parties have not disputed that the term 'debt' or operational creditor were not defined in the 1956, Act. This term is now defined in section 3(11) of the 'Code' as meaning 'a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt'. We are presently concerned with the definition of term "operational debt" as defined in section 5(21) of the Code. Section 5(20) defines "operational....

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.... has been filed in the year 2021, therefore, we find no force in the arguments of Ld. Counsel of Operational Creditor that the limit of Rs. 01 Crore is not applicable to its case. 18. In view of the above, we conclude that since the Principal amount of operational debt claimed by the Applicant is less than Rs.01 Crore and the Application is filed in the year 2021, the Application is not maintainable under Section 4 of IBC, 2016 and is accordingly, dismissed. ============= Document 1 PART IV PARTICULARS OF OPERATIONAL DEBT 1. Total amount of debt, Total amount amounting tolNR details of transaction 1,39,84,400/- (Indian Rupees One of which such debt fell due, and the date from which such debt fell due. Crore Thirty Nine Lakhs Eighty Four Thousand Four Hundred Only) till 10.08.2021, thereafter interest @ 24 % per annum till realization. Principal Amount: INR. 88,50,886/- Interest on Principal Amount: INR 51,33,514/- (From the date of default till 10.08.2021) Brief Facts of the Case: 1. The Applicant is engaged in the business of providing real estate advisory services, facility management and projec....

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....payments has to be made within seven days from the date of issue of this invoice and payments received after due date are subject to interest @ 2 % per month. Copy of Invoice dated 27.03.2019, R182UP04144 bearing No: upon Corporate Debtor for an amount of INR 88,50,886/- (Indian Rupees Eighty Eight Lakhs Fifty Thousand Eight Hundred Eighty Six Only) is attached Annexure-F. herewith as Applicant performed its work diligently. But, Corporate Debtor was not adhering to the terms of the Agreement by not making the agreed payments. That Applicant requested Corporate Debtor on various occasions to clear Document 5 the dues, but to no avail. That after much persuasion Corporate Debtor agreed to make payments in parts and gave certain cheques, but they also did not encashed. That Applicant got two Legal Notices dated 31.03.2021 issued U/s 138 of Negotiable Instrument through Counsel. But still there were no payments coming from Corporate Debtor. Copy of both the Legal Notices dated its 31.03.2021 herewith as is attached Annexure- G(Colly). ....