NCLAT set aside the order in which CIRP application u/s 9 was rejected on ground that interest cannot be included in the claim and the principal amount being less than 1 crore since no agreement for the interest amount- Bhotika Trade & Services Pvt. Ltd. Vs. Avinash EM Projects Pvt. Ltd. – NCLAT New Delhi
Opertional Creditor has filed the application under Section 9 claiming total amount of Rs.1,61,12,474.86 which included the interest amount. the Adjudicating Authority (NCLT, New Delhi Bench, Court-II) vide the order dated 14.11.2022 rejected on the ground that it is less than the threshold prescribed under Section 4.
Adjudicating Authority took the view that there is no agreement filed by the appellant where parties have agreed to interest, hence, the interest cannot be included in the claim and the principal amount being less than 1 crore, application is rejected.
NCLAT held that be that as it may there being material on record to indicate that Corporate Debtor has issued the debit balance which include the interest, the application filed by the appellant could not have been rejected on the ground i.e. less than threshold. Adjudicating Authority itself has noticed the Judgment of this Tribunal in Prashant Agarwal vs. Vikash Parasrampuria & Anr. (2022) ibclaw.in 509 NCLAT in paragraph 15 which clearly support the case of the appellant.
