2026 (2) TMI 788

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.... NCLT, Ahmedabad Bench. The brief facts of the case are Corporate Debtor, M/s Avani Yarns (P) Ltd and the Respondent No.1 (Operational Creditor) had entered into a business transactions of buying and selling chemicals from the years 2017 to 2020. The operational creditor-R1 supplied goods to the Corporate Debtor and there was some outstanding. As per the appellant on 30.01.2021 the last payment was made. The demand notice dated 28.12.2020 was dispatched on 28.01.2021 and was received by the Corporate Debtor on 02.02.2021. On 12.02.2021 the Corporate Debtor had replied to demand notice. However, on 01.04.2021, the CP(IB) No.69 of 2021 was filed. 2. Following issues were raised by the learned counsel for the appellant on 22.07.2025 before ....

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.... was also made to an affidavit filed by the respondent herein before the Ld. NCLT which showed an amount of Rs. 97,19,111/- was due as on 21.01.2020 and if one deducts an amount of Rs. 3,03,963/- then the total outstanding of principal amount would come to Rs. 94,15,150/-, thus below the threshold limit, hence the Company Petition ought to have been dismissed as being not maintainable. 6. The learned counsel for the appellant had though pointed out to an invoice at Page 67-Annexure D to the appeal, of dated 29.09.2018 wherein the signatures of the appellant are not there, hence it was argued since there was no written agreement to make payment of interest, it could not have been made a part of the petition to bring the outstandings above....

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....lvency Petition would show an amount of Rs. 1,00,42,977/- was an amount claimed to be in default as on 29.12.2020 but the date of default on which the default had occurred is stated to be 19.04.2019, hence beyond the purview of Section 10A of the Code. We also are not inclined to accept the argument of the appellant that Invoice No.4-174 to 4-179 stood paid and bare perusal of ledger at page 70 of appeal paper book does not support the submission of the appellant. Further though principal amount was mentioned as Rs. 1,00,42,977/- but as per the terms of the invoices, after allowing 60-day credit period, the interest was chargeable @24% per annum, and thus the amount of interest claimed came to be Rs. 37,16,274/- and, therefore, the outstand....