In the absence of any clause in Invoice regarding interest on delayed payment, Operational Creditor, even being a MSME, cannot club interest with principal to meet threshold limit under Sec. 4 of IBC – Neptunus Power Plant Services Pvt. Ltd. Vs. Jagson International Ltd. – NCLT New Delhi Bench
January 12, 2024
In this case, the Operational Creditor has claimed an amount of Rs 87,67,953/- towards principal and amount of Rs 33,00,000.54/- towards interest. Hon’ble NCLT New Delhi Bench observes that the entire claim is based on invoices issued by the Operational Creditor to the Corporate Debtor. The Operational Creditor has claimed to be an MSME and has charged interest being an MSME. The Operational Creditor has not shown any clause in the invoice which shows that interest is leviable in case of default or late payment. In the absence of any such clause Operational Creditor cannot claim interest.