2022 (11) TMI 1551

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....cating Authority) Rules, 2016 against M/s. Narbada Forest Industries Pvt. Ltd. (Respondent/Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor on the ground of the Corporate Debtor committed default in paying amount of Rs. 1,28,82,040/- (Rupees One Crore Twenty-Eight Lakhs Eighty-Two Thousand Forty only) towards interest at the rate of 18% per annum on original operational debt of Rs. 1,74,16,527/-. 2. It is not in dispute that earlier the Operational Creditor had filed an application against the Corporate Debtor under Section 9 of the IBC, 2016 for default of operational debt of Rs. 1,74,16,527/- (principal amount) and the interest Rs. 1,44,82,040/- thereon. It was numbered as CP(IB)1....

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....dan Singh Chauhan (Director of the Corporate Debtor) contended that entire debt amount is paid to the Operational Creditor. This application is filed as a hand twisting method for recovery of extra some of money which is not at all due and payable by the Corporate Debtor. The Operational Creditor has been misusing the Provisions of the IBC, 2016 to recover the disputed amount. This application is not maintainable. 7. We heard the learned counsel, Mr. Rajesh Giri appearing for the Operational Creditor and the learned senior counsel, Mr. Naveen Pahwa appearing for the Corporate Debtor at length. 8. At the outset, we note that this application is filed by the Operational Creditor for execution of terms of settlement agreement dated 07.11....