Interest can be clubbed in Principal amount to reach the threshold limit of Rs. 1 crore u/s 4 of IBC if it is mentioned in the invoice – Late Smt. Sunil Chhabra Vs. M/s. Shib Dass Metal Pvt. Ltd. – NCLT New Delhi Bench Court-III
The Corporate Debtor has raised a preliminary objection as to the maintainability of the present application filed under Section 9 of the Code on the ground that the amount claimed is below the threshold limit and interest component cannot be clubbed with the principal amount for meeting the threshold of Rs. 1,00,00,000/- as envisaged under Section 4 of the Code.
NCLT held that in the present case, the Invoice provides that interest will be charged in the case of delayed payment which has been agreed by the parties. Hence, we observe that the Interest can be clubbed together to reach the threshold limit of Rs. 1,00,00,000/-.
