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TMI Blog2024 (11) TMI 1412X X X X Extracts X X X X X X X X Extracts X X X X ..... e invoices falling under 10A period are excluded, balance amount will be Rs. 92,09,732/-. The submission of the Appellant is that since there was running account, the amount which was at the foot of the account has to be treated as balance amount due towards the Corporate Debtor and 10 A period may not be considered. Even if, the argument of the Appellant is accepted for the time being that there was running account, the invoices which fall within the 10A period has to be excluded. The acknowledgment of debt for invoices during 10A period cannot permit the Operational Creditor to maintain the application and for invoices which are under 10A period has to be excluded since Section 10A clearly bars recovery of amount for default occurred duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder Section 10A has to be excluded and there is no agreement for interest and the amount which is claimed is reduced to Rs. 92,09,732/-, which is less than the threshold limit of Rs. 1 Crore and Section 9 application cannot be admitted. Aggrieved by the impugned order this appeal has been filed. 2. Learned counsel for the Appellant submits that there was running account between the parties and in view of the fact that there was running account and the Corporate Debtor has acknowledgment the payment by the balance confirmation, amount which is to be accepted is that amount which is at the foot of the running account. He further submits that the Operational Creditor was a MSME and under Section 15 of the MSME Act, they were entitled for stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irector JJ NIK-SAN Engineering Company v. Sterling Enamelled Wires Pvt. Ltd. And Anr., Company Appeal (AT) (Insolvency) No. 39 of 2023 IA No. 137 of 2023. However, we have gone through the cited case and it has not been held anywhere in this case that if the debt falling due within l0A period is subsequently acknowledged by the Corporate Debtor, it would not be barred under Section l0A of the Insolvency and Bankruptcy Code, 2016. Therefore, it cannot be successfully argued on behalf of the Operational Creditor that if the operational debt falling due within 10A period is acknowledged subsequently by the Corporate Debtor, it would be absolved of the bar under Section l0A of the Insolvency and Bankruptcy Code, 2016. Therefore, we have no hesi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be defeated, even by claim of Appellant that amount claimed being running account or any action of the Corporate Debtor of confirmation of debt. 6. In so far as interest under MSME Act is concerned, the Adjudicating Authority has considered the same in Para 27 and returned following findings: 27. On the other hand, it has been argued by the Counsel for the Corporate Debtor that there was no agreement between the parties with regard to the payment of interest nor any interest was paid by the Corporate Debtor at any point of time. He has referred to the ledger produced by the Operational Creditor itself which also shows that the interest was not charged at any point of time, even in the past. Even in the balance confirmation dated 27.04.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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