The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that while deciding an application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (Code), the Adjudicating Authority cannot presume the applicability of interest based on vague statements in the invoices issued by the Operational Creditor. Unless there is a specific contract between the parties stipulating the payment of interest on delayed payments, such claims for interest are not legally sustainable.
Brief Facts:
The present Appeal has been filed by Shitanshu Bipin Vora (Appellant) under Section 61 of the Code…
