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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 ..... 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 - 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. Therefore, it can be said that the admitted principal amount which the Petitioners claimed have already been paid by the Corporate Debtor. Since the admitted principal amount has already been paid by the Corporate Debtor, therefore there is no occurrence of default and no debt is due. Hence, all the present applications are not liable to be accepted - all the Operational ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived till date. 7. The total outstanding as overdue salary amount is ₹ 3,24,540/- plus interest @18% P.A. from 14.02.2019 till the realisation of outstanding amount is ₹ 1,87,711/-. XL The CD in its reply to the Application has stated almost same facts as stated by him in the Reply to the application by Ms. Shally Sati [IB-702/ND/2019] except the following contention. Therefore, we would like to mention only new facts in the reply: a. Petitioner was appointed on the representation made by her father Mr. Hansa Dutt Sati who was in-charge of production in the foundry. Petitioner's father falsely represented that the Petitioner was qualified and competent to work as a designer and by using his influence and possession got the Petitioner appointed at a salary and possession which is Petitioner never deserved. Due to Petitioner's father indulging in the activities deliberately and intentionally caused losses suffered by CD with respect quality and loss of business of several lacs decides loss of repetition in international market which is entirely on account of the petitioner. XII. We have already discussed the facts of the cases of each application se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rties on that ground, we would like to consider this aspect whether the jurisdiction of Section 9 of the Code can be invoked to recover the amount of interest or not? At this juncture, we would like to refer the definition of Debt and the same is quoted below:- 3. (11) 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; Mere plain reading of the provision shows that debt means a liability or obligation in respect of a claim which is due from any person and includes a Financial Debt or Operational Debt. XVI. At this juncture, we would like to refer the definition of Claim Section 3(8) of the Code and the same is quoted below:- 3.(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; Mere plain reading of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of goods or services including employment or a debt in respect of the dues arising under any law for the time being in force and payable to the Central Government, or any State Government or any local authority whereas the Financial Debt means a debt alongwith interest, if any, which is disbursed against the consideration for the time value of money and includes the other conditions mentioned at Section 5(8)(a to i). XVIII. If we shall read the definitions of Financial Debt alongwith Operational Debt together then we find that in the definition of Financial Debt the interest is included whereas in the definition of Operational Debt, the word interest is not mentioned. Therefore, we may say that while claiming the Financial Debt the Petitioner may file an application under Section 7 of the Code and claim the interest alongwith the principal amount but while claiming the Operational Debt the Petitioner can file an application under Section 9 of the Code in which Petitioner can claim only the amount, which he is entitled to get for the supply of goods or rendering the services including employment or a debt in respect of the dues arising under any law. XIX. If we sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2,166 in favour of Mr. Ranjeet Singh, ₹ 1,65,880/- in favour of Ms. Asha Devi and ₹ 1,45,276/- in favour of Ms. Deepa Sati before the Registrar, NCLT, New Delhi. Therefore, it can be said that the admitted principal amount which the Petitioners claimed have already been paid by the Corporate Debtor. XXIII. The only question during the course of arguments raised by the Ld. Counsel for Petitioners that they are also entitled to get the interest at the rate of 18 per cent. In view of the decision and discussions made in aforementioned paras, when we shall consider the claim of the Petitioners then we find that there is no document to show the agreed rate of interest and also there is no agreement regarding the payment of interest. In other words, there is no agreed rate of interest between the parties. Therefore, in view of aforesaid discussions, the' admitted principal amount is to be treated as the Operational Debt, which is the liability in respect of a claim which has already been deposited by the Corporate Debtor before the Registrar, NCLT, New Delhi. So far the interest claimed by the Operational Creditors is concerned, in view of aforesaid discussions it does ..... X X X X Extracts X X X X X X X X Extracts X X X X
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