This appeal was filed by an ex-director of the Corporate Debtor (Aryan Ispat & Power Pvt. Ltd.) to challenge the order dated 22.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT had admitted an application filed by the Operational Creditor (Agarwal Coal Corporation Pvt. Ltd.) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an amount of Rs. 6,13,48,161.98, comprising Rs. 4,97,22,461.16 towards principal and Rs. 1,16,25,700.82 towards interest. During the proceedings, the Corporate Debtor paid the principal amount but contested the interest claim, arguing there was no express agreement for interest and the interest clause in the invoice was a boilerplate provision.
1. The Operational Creditor (OC), Agarwal Coal Corporation Pvt. Ltd., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor (CD), Aryan Ispat & Power Pvt. Ltd., for a total amount of Rs. 6,13,48,161.98, which included Rs. 4,97,22,461.16 towards principal and Rs. 1,16,25,700.82 towards interest.
2. The CD had already paid Rs. 4,97,22,461.16, the principal amount, to the OC.
3. The OC sent a demand notice to the CD on 05.07.2023, which was replied to by the CD on 20.07.2023, contesting the amount demanded.
4. During the pendency of the proceedings, the CD sent an email to the OC on 31.01.2024, informing them of the payment of the entire principal amount and requesting withdrawal of the petition.
5. The invoice
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This appeal was filed by an ex-director of the Corporate Debtor (Aryan Ispat & Power Pvt. Ltd.) to challenge the order dated 22.03.2024 passed by the National Company Law Tribunal (NCLT), New Delhi. The NCLT had admitted an application filed by the Operational Creditor (Agarwal Coal Corporation Pvt. Ltd.) under Section 9 of the Insolvency and Bankruptcy Code, 2016, for an amount of Rs. 6,13,48,161.98, comprising Rs. 4,97,22,461.16 towards principal and Rs. 1,16,25,700.82 towards interest. During the proceedings, the Corporate Debtor paid the principal amount but contested the interest claim, arguing there was no express agreement for interest and the interest clause in the invoice was a boilerplate provision.
1. The Operational Creditor (OC), Agarwal Coal Corporation Pvt. Ltd., filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor (CD), Aryan Ispat & Power Pvt. Ltd., for a total amount of Rs. 6,13,48,161.98, which included Rs. 4,97,22,461.16 towards principal and Rs. 1,16,25,700.82 towards interest.
2. The CD had already paid Rs. 4,97,22,461.16, the principal amount, to the OC.
3. The OC sent a demand notice to the CD on 05.07.2023, which was replied to by the CD on 20.07.2023, contesting the amount demanded.
4. During the pendency of the proceedings, the CD sent an email to the OC on 31.01.2024, informing them of the payment of the entire principal amount and requesting withdrawal of the petition.
5. The invoice
The Operational…
The Corporate Debtor…