TaxTMI 
TaxTMI 
2025 (8) TMI 573
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...."CD") for period of three years commencing from 01.04.2016 for a consideration amount of Rs.1,25,000/- plus GST for a month for letting out Godown space in question. (ii) The Corporate Insolvency Resolution Process ("CIRP") against the CD - Reliance Communications Infrastructure Ltd. commenced vide order dated 25.09.2019. Respondent No.2 was appointed as Resolution Professional ("RP"). (iii) The Appellant filed a claim for lease rent as per Lease Deed from 25.09.2019 till 19.12.2023. (iv) In the CIRP of the CD, a Resolution Plan was approved by the CoC on 05.08.2021 and was approved by the Adjudicating Authority also on 19.12.2023. In terms of Resolution Plan, a Monitoring Committee was constituted, which is overseeing the implementation of the Plan. (v) IA No.4611 of 2024 was filed by the Appellant, where the Applicant prayed for following reliefs: "a. To direct the Respondent No. 2 and/or 3 to make payment of the entire lease rent alongwith interest @ 18% per annum for the CIRP period of the Respondent No. 1 (from 25th September, 2019 till l9th December, 2023) totaling to Rs. l,40,52,938/- (Rupees One Crore Forty Lakhs Fifty-Two Thousa....
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....nt submits that Lease Deed entered between the parties on 16.03.2016, does not contain any provision for payment of interest. There being no provision of payment of interest on the lease rent, the Appellant cannot claim any interest on the delayed payments. It is submitted that the Lease Deed itself provided for enhancement of rent by 5% upon expiring every year. It is submitted that the Adjudicating Authority has rightly rejected the claim of payment of interest @ 18%. 6. We have considered the submissions of learned Counsel for the parties and have perused the records. 7. A perusal of the order indicates that Godown was not vacated by the RP, hence, the Adjudicating Authority took the view that the amount of lease rent during moratorium period is to be treated as the CIRP cost. There is no challenge to that part of the order by which lease rent has been treated as the CIRP cost with effect from 25.09.2019. The only grievance raised by the Appellant that interest @ 18% has not been included. 8. Learned Counsel for the Appellant has referred to judgments of this Tribunal in Prashat Agarwal vs. Vikash Parasrampuria - Company Appeal (AT) (Ins.) No.690 of 2022 decided on 15.0....
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.... be based on a written contract. That, one can find in this case, in the form of invoices which were raised on the defendants along with delivery of the goods in pursuance of each purchase order. The invoices, as stated above, contained the terms and conditions. There is a clear parole acceptance of the invoice on the part of the defendants. The defendants accepted delivery of the goods along with the invoice without any demur or suggestion that they do not accept any of the terms whether pertaining to the rate, price, quantity etc. It makes no difference therefore that the invoices are not signed by both the parties. I am of view that the invoices must be treated as a written contract and the suit based on such invoices is a suit based on the written contract. This view is fortified by the Madras High Court reported in The Madras Law Journal Reports 1988 page 187 (Lucky Electrical Stores, by partner Mahendra Kumar Shah v. Ramesh Steel House by Partner Babulat)1 where the Chief Justice M.N. Chandurkar, rejected the contention similar to the one applied by the defendants in this case. The relevant observation reads thus: "......What is necessary for the purposes of this cas....
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....te properly refer to the contract as a "contract in writing". Although the memorandum of it was signed by one party only"." 10. There can be no dispute to the proposition that written contract is not necessary to file a claim. The present is a case where there is a written contract, i.e. Lease Deed dated 16.03.2016 entered between the parties. Insofar as the claim of interest as per invoices are concerned, the issue with regard to IBC has been considered and decided by this Tribunal in large number of cases. The judgment of this Tribunal in Prashat Agarwal (supra) was a case where payment including the interest in the invoices was made by the CD. Thus, the claim of interest was accepted by the CD and given effect too. The present is not a case where payment of any interest along with lease rent has been made by the CD. 11. We may notice a recent judgment of this Tribunal in Company Appeal (AT) (Insolvency) No. 386 of 2025 - M/s SNJ Synthetics Ltd. vs. M/s PepsiCo India Holdings Pvt. Ltd. decided on 07.05.2025. This Tribunal was dealing with a case where interest was sought on delayed payments on the basis of invoices. This Tribunal in paragraphs 12 and 13 laid down following ....
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....a court of competent jurisdiction, but initiation of Corporate Insolvency Resolution Process is not the answer." (Emphasis supplied)" 12. Thus, the law as explained by this Tribunal in the above case is that claim of interest arising from invoices can be considered, where the payment of interest is proved or conduct of the party is proved, where stipulation of payment of interest has been accepted. When the written contract does not contemplate interest on delayed payments, by mere inclusion of interest in the invoices unilaterally is of no consequence. Acceptance of payment of interest by a conduct or actual payment by the CD has to be proved to decipher any unwritten contract between the parties. It is to be noticed that this Tribunal in SNJ Synthetics Ltd. (supra) has also noticed the judgment of this Tribunal in Prashat Agarwal in paragraph 14 and following has been laid down: " 14. We also agree with the Adjudicating Authority that the facts of the present case are distinguishable from the Prashat Agarwal judgment supra in view of the fact that in the present case the payment of interest clause on delayed payment does not figure in the Supply Agreement whi....