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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 ..... Rs. 25,88,957/- and with Interest Rs. 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, Learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the case was fixed for hearing to decide the controversy of claim of Interest. 4. On the date of hearing from the side of the Petitioner Learned Representative Mr. Jain has drawn our attention on the synopsis of events and described that the Petitioner had supplied hardware and electric goods to Gammon India during the period of 01.04.2014 to 18.09.2015 at the site of Project. A reliance has also been placed on a Balance Confirmation Letter dated 04.04.2016. It has also been informed that under the Insolvency Code a Notice of Demand under section 8 was served on 17.07.2017. Learned Counsel has explained that the amount in question was not received as is also apparent from the Bank Statement of the Creditor as well as affirmed by a Certi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een accepted by the Operational Creditor. He has further pleaded that it is unfair and unjustifiable to raise demand for payment of Interest specially under the circumstances when the Principal amount itself is full of doubt. Arguments were concluded by making a statement that no evidence is placed on record that the interest was ever agreed to be charged in case of delay hence the petition do not survive after the payment of the principal amount with raising the controversy. 5.1 On the question of Interest, it is pleaded that there was no agreement for payment of Interest. Answering the argument of Learned Counsel of the Petitioner, Mr. Kapadia has submitted that although it is correct that as per the Purchase Order issued by Gammon India ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Operational Creditor' by invoking the provisions of section 9 of the Insolvency Code. As per Form No. 5 submitted under Rule 6 of Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016 vide Part-IV the total Debt amount referred as Rs. 37,25,921/- (inclusive of Interest). However, as per Column 2, the amount claimed to be in default was referred as Rs. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mesne Profit do not fall under the definition of Actionable claim. 6.3 The next definition is the definition of "Debt" as defined under section 3(11) of The Code wherein the term "Claim" is also used. This definition reads as under :- '"Debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt.' Undisputedly, a Debt is a Property. It is assignable and ought to be an Actionable claim. A Debt is an obligation to pay certain sum of money by a Debtor to the Creditor. It is legally due and owed by the Debtor. Even if not in existence the accrual must be definite and ascertainable, therefore, accepted legal position is that a Debt may be due in present or may b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 admissible evidence, therefore, as far as the question of present controversy related to charging of Interest is concerned, the same is enforceable if it is properly documented and agreed upon. It is also necessary that the rate of Interest should also be agreed upon between the Parties. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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