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TMI Blog2020 (1) TMI 1559X X X X Extracts X X X X X X X X Extracts X X X X ..... sputed fact by the Corporate Debtor and as such can only be adjudicated by a court of competent jurisdiction. Initiation of Corporate Insolvency Resolution Process is certainly not an answer in the facts and circumstances of the case. Recovery of interest alone can be initiated before a civil court for its due adjudication. Petition dismissed. - IB-111/ND/2019 - - - Dated:- 15-1-2020 - MS. INA MALHOTRA, MEMBER (JUDICIAL) Mr. Mohit Yadav Advocates for the Petitioner. Mr. Neeraj Matta Mr. Kanwar Sammaan Prakash Advocates for Respondent. ORDER Per Ms. Ina Malhotra (Member Judicial) The present application has been filed under section 9 of Insolvency Bankruptcy Code (hereinafter referred to as the Code ) pra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the balance 50% of the outstanding amount which was required to be paid by the Corporate Debtor was never done, causing them difficulty in meeting their own business obligations. Demands were made on them by Reliance Broadcast Network Limited and DB Corp Ltd Radio division for the work assigned in respect of the Corporate Debtor's promotion of business. Despite several reminders by way of emails and notices, no steps were taken by the respondent to liquidate their debt. The Operational Creditor also surrendered the unit booked with the CD, and were finally constrained to make a representation for recovery of their Operational Debt before the Indian Newspaper Society on 22.12.2017. 5. In their reply submitted to the Secretary Genera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as again claimed an inflated interest of ₹ 71 lakhs on the principal amount of ₹ 19 lakhs. 8. Ld. Counsel for the Corporate Debtor has argued that the applicant has claimed a financial debt on two counts. One being the amount under the invoices, and the other as interest. The Principal amount has already been paid by the Corporate Debtor on 15.12.2018 and is confirmed by the Operational Creditor. This fact has been duly taken note by this bench, in its order dated 02.07.2019. In view of the same, it is explicitly admitted by the operational creditor that the claim surviving in the present petition is entirely based on the interest on delayed payment. 9. In view of above facts, this Bench is satisfied that as the principal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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