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TMI Blog2017 (6) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... de ourselves that a case for initiating Corporate Insolvency Resolution Process is made out (CIRP) because this process cannot be used as a recovery mechanism - petition disposed of by giving liberty to the petitioner to avail any other remedy in accordance with law. - C.P. No. (IB)-53(PB)/2017 - - - Dated:- 27-6-2017 - M. M. Kumar Chief Justice (Retd.) (President) And Deepa Krishan (Technical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ER F F WORKING Principal Amount: ₹ 1, 74, 816.00 Date of Default: 20.11.2014 Simple Interest @15% from 20.11.2014 to 07.02.2017= ₹ 58264.02 Total: ₹ 2, 33, 080.02 Amount Due as on 07.02.201 7: ₹ 2, 33, 080.00 (Rounded off) GRATUITY AMOUNT Principal Amount: ₹ 2, 02, 337.00 Date of Default: 20.11.2014 Simple Interest @1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been paid. However, the professional charges and the element of interest are still outstanding. 4. Learned Counsel for the respondent has placed reliance on a judgment of the Chandigarh Bench of the Tribunal rendered in the case of M/s. Wanbury Ltd. v. M/s. Panacea Biotech Ltd. (C.P. No. 08 of 2016, decided on 18.04.2017) by a learned Single Member Bench and has argued that in the expressio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e criteria of interest may be implied for awarding compensation but the same may not be awarded as interest. Therefore, the view taken by the Chandigarh Bench of the learned NCLT is required to be supplemented and we are inclined to accept that the interest @ 15% simple interest has been correctly claimed. The petitioner has also claimed professional charges paid to the Counsel. Even the arrears o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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