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TMI Blog2020 (2) TMI 1550X X X X Extracts X X X X X X X X Extracts X X X X ..... reason best known to CD. This keeping of salary started from a delay in the payment by one week and gradually increasing it to month's altogether. 4. The OC requested the CD to clear the payment outstanding salary but the CD assured the OC that the same will be cleared very soon, but instead of clearing the outstanding salary, the CD chose to withhold the salary and went on withholding the same up to 5 months starting May 2014 to September 2014. The OC started going through extreme financial hardship and requested the CD in the month of October 2014 to clear the outstanding salary as she was left no money. 5. The CD then started paying the salary from October, 2014, but in the year 2017 the CD again adopted the same strategy and withheld the salary for the period of April 2017 to September 2017. Due to non-payment of salary, OC started facing financial hardship and therefore, stopped going to CD Company since end of September 2017 and finally tendered his resignation on 22.10.2017. 6. The last salary of the OC was Rs. 25,082/- pm. Demand was also sent by OC through his counsel on 14.02.2019 which has been duly served to them on 25.02.2019, however no payment has been receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Operational Creditors are not liable to be accepted. XIV. On the contrary, Ld. Counsel for Operational Creditors/Petitioners admitted this fact that the Corporate Debtor/Respondent has deposited the cheques dated 15.11.2019 of Rs. 1,37,837 in favour of Ms. Shally Sati, Rs. 3,81,222/- in favour of Mr. Hansa Dutt Sati, Rs. 4,02,166 in favour of Mr. Ranjeet Singh, Rs. 1,65,880/- in favour of Ms. Asha Devi and Rs. 1,45,276/- in favour of Ms. Deepa Sati before the Registrar, NCLT, New Delhi but they have also claimed the interest at the rate of 18% which they are entitled to get from the Corporate Debtor/Respondent and therefore, the present applications is filed by the Operational Creditors/Petitioners is maintainable under Section 9 of the Code. XV. Therefore, since, the admitted principal amount has already been deposited by the Corporate Debtor/Respondent in pursuance to the earlier order dated 08.11.2019 before the Registrar, NCLT, New Delhi and that is also admitted by the Ld. Counsel for Operational Creditors/Petitioners and they only claimed interest at the rate of 18%. In the of the submissions raised on behalf of the parties on that ground, we would like to consider ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reement, having the commercial effect of a borrowing; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or any other instrument issued by a bank or financial institution; (i) the amount of any liability in respect of any of the guarantee or indemnity for any of the items referred to in sub-clauses (a) to (h) of this clause; 5. (21) "operational debt" means a claim in respect of the provision of goods or services including employment or a debt in respect of the repayment of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any local authority; Mere plain reading of the provision shows that there is a difference between the Financial Debt and Operational Debt. Operational Debt means a claim in respect of the provisions of goods or services including employment or a debt in respect of the dues ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t no interest is payable, the applications under Section 9 on the basis of claims for entitlement of interest, are not maintainable. If for delayed payment applicant(s) claim any interest, it will be open to them to move before a court of competent jurisdiction for recovery of interest, but initiation of Corporate Insolvency Resolution Process is not the answer. XXII. In the light of the decisions and aforementioned discussions, when we shall consider the claim of all the Petitioners then we find that the Petitioners filed an application under Section 9 of the Code and claimed themselves as the employees of the Corporate Debtor and in that capacity, they claimed salary and other dues and in course of hearing of the applications, the Corporate Debtor raised the facts that the some of the claims of the Petitioner is barred by limitation and claim which is not barred by limitation in respect of that claim the Corporate Debtor has already deposited the cheques dated 15.11.2019 Rs. 1,37,837 in favour of Ms. Shally Sati, Rs. 3,81,222/- in favour of Mr. Hansa Dutt Sati, Rs. 4,02,166 in favour of Mr. Ranjeet Singh, Rs. 1,65,880/- in favour of Ms. Asha Devi and Rs. 1,45,276/- in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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