Aquatic Remedies Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Standard Pharmaceuticals Limited, the corporate debtor, claiming a principal amount of Rs.47,57,513/-. During the pendency of the petition, the parties sought time to settle the amount, and the operational creditor stated that the entire principal amount had been paid. However, the interest component remained unpaid, but the operational creditor was ready to accept interest at 6% per annum. The corporate debtor did not appear. The petitioner's counsel stated that the invoices contained the rate of interest and the corporate debtor is liable to pay the same, but no acceptance by the corporate debtor to the rate of interest was seen.

Aquatic Remedies Limited, the operational creditor, filed a petition under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Standard Pharmaceuticals Limited, the corporate debtor, claiming a principal amount of Rs.47,57,513/-. During the pendency of the petition, the parties sought time to settle the amount, and the operational creditor stated that the entire principal amount had been paid. However, the interest component remained unpaid, but the operational creditor was ready to accept interest at 6% per annum. The corporate debtor did not appear. The petitioner's counsel stated that the invoices contained the rate of interest and the corporate debtor is liable to pay the same, but no acceptance by the corporate debtor to the rate of interest was seen.