Interest cannot be admitted in claim filing on the basis of the MSMED Act, 2006, if no interest clause in the Agreement on the delayed payment | NCLT is not appropriate Forum to consider the issue pertaining to the interest under Section 16 of the MSMED Act – Vedic Projects Pvt. Ltd. Vs. Shri Sutanu Sinha RP for Simplex Projects Ltd. – NCLAT New Delhi

Hon’ble NCLAT: (i) There being no clause in the Agreement to include the interest on the delayed payment, the Hon’ble Appellate Tribunal does not find any error in the order of the Adjudicating Authority, refusing to accept the claim of the Appellant towards interest on the operational debt, which was claimed by the Appellant. (ii) With regard to claim under the MSME, the Adjudicating Authority has observed that NCLT is not appropriate Forum to consider the issue pertaining to the interest, claimed by the Appellant under Section 16 of the MSMED Act. (iii) Upheld the decision of NCLT.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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