{"id":270628,"date":"2022-07-25T16:00:06","date_gmt":"2022-07-25T10:30:06","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=270628"},"modified":"2022-07-25T14:46:04","modified_gmt":"2022-07-25T09:16:04","slug":"nclat-mumbai-interest-on-delayed-payments-is-a-part-of-operational-debt-under-s-311-of-ibc","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/25\/nclat-mumbai-interest-on-delayed-payments-is-a-part-of-operational-debt-under-s-311-of-ibc\/","title":{"rendered":"NCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC"},"content":{"rendered":"
\n

\n

National Company Appellate Tribunal, Mumbai<\/span>: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member has dismissed a company appeal and has held that interest on delayed payment is also a form of debt and therefore, would form a part of the operational debt under Insolvency and Bankruptcy Code, 2016<\/a>.<\/p>\n

Background of the case<\/p>\n

Operational Creditor supplies different types of yarns and has supplied goods to Bombay Rayons Fashions Ltd., Corporate Debtor. The Operational Creditor raised invoices between March, 2017 and January 2020, wherein, Operational Creditor supplied goods for Rs. 2,02,26,017\/- under nine invoices. The Corporate Debtor paid three invoices with substantial delay; for one invoice part payment made and remaining five invoices, Corporate Debtor failed to make any payment.<\/p>\n

Operational Creditor filed an application under Section 9 seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor. The Adjudicating Authority admitted the application and approved initiation of CIRP along with appointment of Insolvency Resolution Professional. The company appeal was filed against the order passed by the Adjudicating Authority dated 07-06-2022.<\/p>\n

Analysis and decision<\/p>\n

First, the Bench referred to the definition of debt, as per Section 3(11)<\/a> of the IBC<\/a>, \u201ca debt<\/i> means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt.<\/i>\u201d Therefore, the Bench observed that the definition of debt includes \u2018claim’ <\/span>which is being defined under Section 3(6)<\/a> of the IBC<\/a>. As per the provision of IBC a claim means-<\/p>\n

\u201c(a) a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured;<\/i><\/p>\n

(b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured.\u201d<\/i><\/p>\n

Further, the Bench observed that vide the Notification No S.O. 1205 (E) dated 24.03.2020, issued by the Ministry of Corporate Affairs, the threshold Limit to initiate a CIRP has increased from Rupees 1 Lakh to Rupees 1 Crore.<\/p>\n

Therefore, in the light of the above analysis, the Bench held that the total amount for maintainability of claim will include both principal debt amount as well as interest on delayed payment which was clearly stipulated in the invoice. Thus, in light of this the outstanding debt amounts to Rs. 1,60,87,838\/- (principal debt amount of Rs. 97,87,220\/- plus interest @18% p.a.).<\/p>\n

Hence, as the total debt outstanding was above Rs. 1 crore as per requirement of Section 4<\/a> IBC<\/a> read with notification No. S.O 1205 (E), the present Application was maintainable.<\/p>\n

[Prashat Agarwal v. Vikash Parasrampuria, Company Appeal (AT) (Ins) No. 690 of 2022, decided on- 15-07-2022<\/span>]<\/p>\n

\n

Advocates who appeared in this case :<\/p>\n

Abhijeet Sinha, Sunil Vyas, Nausher Kohli, Palzer Moktan, Dipti Das, Deep Morabia, and Aditya Shukla, Advocates, for the Appellant;<\/p>\n

Saurabh Pandya, Viraj Parikh, Mahur Mahajan, Advocates, for R-1;<\/p>\n

Rubina Khan & Rohit Gupta, Advocates, for R-2.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

National Company Appellate Tribunal, Mumbai: The Bench of Ashok Bhushan, J., Chairperson, M. Satyanarayana Murthy, Judicial Member, and Naresh Salecha, Technical member <\/p>\n","protected":false},"author":67011,"featured_media":262229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[43781,2590,34595,31359,31346,25934,30361,22064,34556,22014,34910,40199],"class_list":["post-270628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-cirp","tag-Claim","tag-company-law","tag-corporate-law","tag-debt","tag-financial-creditor","tag-ibc","tag-insolvency-and-bankruptcy-code","tag-national-company-appellate-tribunal","tag-nclat","tag-operational-creditor","tag-section-4-of-ibc"],"yoast_head":"\nNCLAT Mumbai |Interest on Delayed Payments is a part of Operational Debt under S. 3(11) of IBC | SCC Times<\/title>\n<meta name=\"description\" content=\"The Bench of Ashok Bhushan, J., Chairperson, M. 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Does Insolvency and Bankruptcy Code allow to proceed in such circumstances? Read on","author":"Bhumika Indulia","date":"February 17, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): The Division Bench of Venugopal M (Judicial Member) and Alok Srivastava (Technical Member) held that a demand notice is a forerunner to the commencement of insolvency proceedings against a corporate debtor. Unpaid demand notice is good enough to exhibit the debtor\u2019s inability to pay\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":289432,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/14\/nclt-ibc-application-rejected-nclat-appeal-invoice-discounting-receivable-operational-creditor-dismissed-scc-blog-legal-research-news\/","url_meta":{"origin":270628,"position":3},"title":"Application U\/S 7 IBC not maintainable if Financial Creditor steps into the shoes of Operational Creditor; NCLAT upholds NCLT’s order","author":"Ritu","date":"April 14, 2023","format":false,"excerpt":"NCLAT held that the application preferred by the appellants in the second appeal under S. 7 IBC has rightly been held to be not maintainable and was rightly relegated to avail their remedy of filing the application under S. 9 IBC in relation to invoice discounting of the receivables by\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":221949,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/11\/11\/nclat-demand-notice-issued-under-s-8-ibc-against-corporate-debtor-for-dues-of-sister-concern-group-company-is-not-valid\/","url_meta":{"origin":270628,"position":4},"title":"NCLAT | Demand notice issued under S. 8 IBC against Corporate Debtor for dues of sister concern\/group company is not valid","author":"Bhumika Indulia","date":"November 11, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0The Bench of Justice A.I.S Cheema, Member (Judicial), Kanthi Narahari, Member (Technical) and V.P. Singh, Member (Technical), allowed an appeal filed against the order of the National Company Law Tribunal, New Delhi, whereby it had admitted the petition under Section 9 of the Insolvency and Bankruptcy\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":289975,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/04\/18\/nclt-admitted-section-9-ibc-application-nclat-objection-pre-existing-dispute-appeal-dismissed-scc-blog-legal-research-news\/","url_meta":{"origin":270628,"position":5},"title":"To reject application under Sec. 9 IBC, a genuine pre-existing dispute must exist: NCLAT","author":"Ritu","date":"April 18, 2023","format":false,"excerpt":"The National Company Law Appellate Tribunal held that no pre-existing dispute regarding quality of supplied goods exist as the same was not raised before consumption of the goods.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"National Company Law Appellate Tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-458.png?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=270628"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/270628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/262229"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=270628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=270628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=270628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}