9911796707
TMI Blog2022 (1) TMI 567X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.11.2021. Such payment has been confirmed by the Operational Creditor. The Corporate Debtor could not substantiate its claim of interest with any documentary proof, it is satidfying that before admission of an application under Section 9 of the I B Code, 2016, the Corporate Debtor paid the total debt - application dismissed. - CP (IB) No. 383/9/HDB/2020 - - - Dated:- 23-12-2021 - Dr. Venkata Ramakrishna Badrinath Nandula, Member (J) And Veera Brahma Rao Arekapudi, Member (T) For the Appellant : Archit Bohra, Advocate For the Respondents : Sridhar, Advocate ORDER DECISION 1. This petition is filed by M/s. Rajasthan Transmission Wires Private Limited, Operational Creditor, stating that an amount of ₹ 24,42, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2019. Copy of Memo with remark 20. Payment stopped by drawer is at ANNEXURE P/5, Page 49 . Thus, the Operational Creditor claims that the said amount of ₹ 24,42,203/- plus interest as outstanding operation debt. 6. Operational Creditor claimed to have issued Demand Notice dated 06.10.2020 (ANNEXURE P-6) in Form-3, through India Post. However, the Corporate Debtor refuted service of such notice and contended that there is no endorsement to that effect. 7. The Corporate Debtor through its counter contended that issuance of Demand Notice dated 06.01.2020 was premature because period of credit of 90 days for the invoices had not expired by then. As such the amount claimed was neither due nor payable. The demand notice issued was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of interest. 14. On the point of interest the Corporate Debtor has relied on the following decisions: (i) Order dated 13.11.2019 rendered by NCLAT, New Delhi in Company Appeal (AT) (Insolvency) No. 1227 of 2019, in the matter of S.S. Polymers Vs. Kanodia Technoplast Limited, wherein it was held that, 5. Admittedly, before the admission of an application under Section 9 of the I B Code, the 'Corporate Debtor' paid the total debt. The application was pursued for realisation of the interest amount, which, according to us is against the principle of the I B Code, as it should be treated to be an application pursued by the Applicant with malicious intent (to realise only Interest) for any purpose other than for the Resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
