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Judgment
O R D E R
05.09.2022: Heard Learned Counsel for the Parties.
This Appeal has been filed against the Order dated 05th April, 2022 passed by the National Company Law Tribunal, Ahmedabad Bench, Court-2. By which Order, the Application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC in short) by the Respondent has been admitted.
The Application under Section 9 was filed for total an amount of Rs. 11,72,972.16/- which included the interest till 11th October, 2019.
When this Appeal was taken up on 12th April, 2022, Learned Counsel for the Appellant expressed the willingness to deposit the amount of Rs. 11,72,972.16/- by a Bank Draft. In pursuance of the Order dated 12th April, 2022, amount of Rs. 11,72,972.16/- has already been deposited.
Learned Counsel for the Respondent has filed an Objection where it has been stated that Respondent were entitled for interest at the rate of 18 per cent which was mentioned in their invoices. Page 13 of the Objection, Respondent has calculated the interest at the rate of 18 per cent i.e. Rs. 4,96,720/- till 30th April, 2022. Learned Counsel for the Respondent submits that he has already paid Rs. 01 Lakh to the IRP as directed the Adjudicating Authority. Learned Counsel for the Appellant expresses his willingness to deposit the amount of interest as well as additional Rs. 01 Lakh.
In view of the aforesaid, we direct the Appellant to further pay an amount of Rs. 06 Lakhs by a Bank Draft in favour of Respondent No. 1. Let the amount of Rs. 06 Lakhs be paid by a Bank Draft in favour of Respondent No. 1 within one month. The amount deposited of Rs. 11,72,972.16/- may be returned to Respondent No. 1.
Subject to deposit and payment of aforesaid amount, we by this order, set aside the Order impugned dated 05.04.2022. The Appeal is disposed of, accordingly.