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TMI Blog2018 (12) TMI 1709X X X X Extracts X X X X X X X X Extracts X X X X ..... s of limitation and also as the entire principal operational debt has been paid before filing of the petition. The only outstanding is of interest, which does not qualify as an operational debt u/s 5(21) of the Code. - (IB) 870 (ND) OF 2018 - - - Dated:- 17-12-2018 - SMT. INA MALHOTRA, JUDICIAL MEMBER AND MS. DEEPA KRISHAN, TECHNICAL MEMBER For the Appellant : Ms. Nitika Gupta and Anshuj Dhingra, Advs. For the respondent : Arun Saxena and Saral Sharma, Advs. ORDER Ms. Deepa Krishan, Technical Member. This is an application filed under section 9 of the Insolvency and Bankruptcy Code, 2016 (for brevity 'the Code'), read with rule 6 of the Insolvency and Bankruptcy (Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1.05.2018 plus 65,35,000/- interest @ 24% till 31.03.2018. 6. The applicant has also submitted that all the three demand drafts were issued by the respondent in compromise under two Complaints filed by the applicant under Section 138 Negotiable Instrument Act, 1881, before the Ghaziabad Court against bounced cheques bearing No. 157535, 157536 667084 each amounting to ₹ 5,00,000/- 7. The applicant has further submitted that the said principal amount i.e. ₹ 39,46,440.26/- has also been paid by the respondent through RTGS after the issuance of demand issue i.e. on 05.06.2018. 8. It is submitted that on account of default committed by the respondent the applicant, the applicant issued demand notice under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due towards unpaid invoices and no amount towards invoices remained to be paid by the respondent to the applicant within 10 days of issue of demand notice u/s 8 of the Code. 13. In the present application, the applicant has failed to explain the delay as their claim pertains to the year 2012, which is beyond the limitation period of 3 years. The same should not be entertained for triggering Corporate Insolvency Resolution Process under Section 9 of the Code. 14. Operational debt has been defined under Section 5 (21) of the Code as follows: Operational Debt means a claim in respect of the provision of goods or services including employment or a debt in respect of the payment of dues arising under any law for th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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