NCLT imposes cost on Operational Creditor on inflating the rate of interest to bring Operational Debt under the threshold limit envisaged under section 4 of IBC – Sun Printers v. OMICS International Pvt. Ltd. – NCLT Hyderabad Bench
NCLT Hyderabad Bench held that:
(i) Strangely, the petition is completely silent on the “basis”, for claiming interest @24% p.a. on the principal sum of Rs 68,96,128/.
(ii) The sole purpose behind inflating the rate of interest to 24% p.a. is to bring the subject operational debt under the threshold limit envisaged under section 4 of IB Code and not because of any agreed clause or agreement between the parties.
(iii) The petitioner’s purported claim of existence of the operational debt allegedly due and defaulted, by the respondent will not attract section 9 of IB Code, as such the petition is liable to be dismissed as not maintainable before the Adjudicating Authority.
(iv) The petitioner can be subjected to cost in this case.
