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TMI Blog2021 (5) TMI 545X X X X Extracts X X X X X X X X Extracts X X X X ..... est at the rate of 24% per annum based on the invoice during business transaction between the parties is the subject matter of the trial and cannot be decided in summary suit. This Adjudicating Authority cannot isolate one invoice and conclude that amount is due and payable - whether the applicant is entitled to the interest at the rate of 24% per annum cannot be decided, without trial based on the invoice which is not signed by the Corporate Debtor in token of acceptance. There are several other transactions and business dealings but the applicant has filed only one invoice. Hence, there is clearly suppression of material facts. Whether Operational Creditor is entitled to claim interest on the delayed payment ? - what is the rate of i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a total amount of debt is ₹ 16,20,000/- together with interest at 24% per annum from the due date of respective invoices till 12.10.2019 and liable to claim future interest at 24% till the date of its realization. In the same column, a sum of ₹ 49,052/- has been paid against an invoice and remaining ones were due and payable against the supply of electrical components. The amount claimed to be in 'default' is sum of ₹ 28,02,766/-. In support of the claim, the applicant states that 13 items are reflected in the purchase order dated 16.06.2017 issued by Corporate Debtor and the same is enclosed at page. 12 along with the application. However, there is no signature reflected in the purchase order on behalf of the Corp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt due is ₹ 16,20,000/- out of the total invoice amount of ₹ 35,97,276/-. In the demand notice, the applicant has also claimed ₹ 11,82,766/- as interest at the rate of 24% per annum for the delayed payment. 5. In the Counter filed by the respondent on 08.10.2020, the Corporate Debtor has denied all the allegations of the applicant, as well as stated that there is suppression of material facts on the part of the applicant. Further, the Operational Creditor has suppressed the details relating to a dispute raised by the Corporate Debtor vide e-mail dated 08.11.2019 (Page. 8) wherein the Corporate Debtor has informed that the total outstanding principal amount claimed (₹ 16,200/-) is not correct and denied. Hence, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... off against the invoice dated 28.03.2019 (Page. 15). Further, the averment made by the Operational Creditor that the invoice amount has to be paid within a period of 30 days is also false as there is no contractual stipulation on the period of payment. Therefore, the claim of ₹ 11,82,766/- towards interest portion is liable to be rejected. The Corporate Debtor claims that as on date, there are no outstanding dues payable by the Corporate Debtor to the Operational Creditor as all the payments pertaining to the above impugned invoice dated 29.06.2017 stand settled between the parties. 9. Heard both the parties. It is clearly brought to our notice that the amount claimed by the applicant is based on the delayed payment of the invoice ..... X X X X Extracts X X X X X X X X Extracts X X X X
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