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TMI Blog2018 (4) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... M.K. Shrawat, Member (Judicial). 1. A Petition filed by Operational Creditor under I B Code on Form No. 5 dated 10.08.2017 by invoking the provisions of section 9 claiming operational Debt of ₹ 25,88,957/- and with Interest ₹ 37,25,921/-, claiming against the Operational Debtor M/s. Gammon India Limited. An interesting question is to be answered in this Petition that whether on receiving the principal operational debt amount during the pendency of the Petition before NCLT, the Petitioner can press for the admission of the Petition only in respect of the Interest amount alleged to be outstanding, firstly without revising the claim of Outstanding Debt and secondly when the eligibility of Interest claim is challenged by the Operational Debtor ? 2. Petition was mentioned for Admission on 18.08.2017 and the Petitioner was directed to complete the requirement such as proposal of IRP. From the side of the Respondent Debtor, Learned Representative sought time to explore the possibility of Settlement . On the next date of hearing, held on 13.09.2017, an Affidavit has been filed from the side of the Respondent Debtor that the Petitioner has wrongly relied up ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceived during the progress of hearing hence the Petition deserves admission for rest of the claim of debt. 5. On the other hand, from the side of the Respondent Debtor, Learned Representative Mr. Sham Kapadia along with Mr. P.N. Dixit, Representative of Gammon India Limited are present. On Merits the argument is that the impugned confirmation letter dated 04.04.2016 is not a valid document on the basis of which the Creditor is claiming the Debt. Only on placing strong reliance on one document, which is controversial, the Creditor has filed this Petition which should not be admitted. It is pleaded that factually the Petitioner has neither submitted all the Invoices in support of the claim of Debt, nor furnished Statement of Account in its Ledger but simply furnished Statements which according to Learned A.R. are not admissible evidences. Learned Counsel has vehemently pleaded that inspite of the fact that the Debt in question was highly controversial and full of dispute but to avoid the litigation the Debtor Company had decided to Settle the Debt amount, hence already paid the Principal Debt which has duly been accepted by the Operational Creditor. He has further pleaded that i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide Part-IV the total Debt amount referred as ₹ 37,25,921/- (inclusive of Interest). However, as per Column 2, the amount claimed to be in default was referred as ₹ 25,88,957/-. At this juncture it is worth to mention that the Petitioner had submitted two Statements, one was a Statement of Account of the Debtor in the Book of the Creditor. Second, a calculation- statement of Interest has also been annexed, but it was not a reproduction of the entries made in the Books of Account of the Creditor, rather it is a plain calculation sheet. 6.1 Before we examine the Merits of this case it is expected to deal with the definition Claim prescribed under Section 3 of Definitions of The Code wherein vide Sub-section (6; Claim means (a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured;. (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; . 6.2 On careful reading of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and payable to the Central Government, any State Government or any local authority, This definition has used both the terminologies i.e. Claim and Debt , as discussed above. Meaning thereby, an Operational Debt is an ascertainable claim to be held as a Debt recoverable in the eyes of Law. To consider a Petition of an Operational Creditor , these basic ingredients are first required to be ascertained. If these basic ingredients are missing in a Petition the same is liable to be dismissed. Facts of each case are therefore the guiding factor to examine such basic ingredients to arrive at a conclusion that whether under the surrounding circumstances an Operational Debt is a rightful claim which can be treated as a recoverable Debt. 6.5 We have examined the facts of this case in the light of the legal position discussed hereinabove. As already observed, the charging of Interest on an outstanding Debt ought to be an Actionable Claim so that admissible under the eyes of Law. Claim of Interest is therefore within the ambits of an Actionable Claim which is enforceable under Law. At the cost of repetition, a claim is enforceable under Law if it is supported by cogent admissib ..... X X X X Extracts X X X X X X X X Extracts X X X X
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