Mohd Sharief Tariq, Member - (1.) Counsels for both the parties are present. Counsel for the Applicant submitted that the material supplied to the Corporate Debtor amounting to Rs.6 lakhs (as a round figure) has not been taken into consideration by the Auditor for determining the actual amount payable by the Corporate Debtor. He submits that if the scraps were to be returned to the Applicant that would have some value. However, he is contending that 50% of the total value of the said material be directed to be paid. The next issue raised is payment of the interest part on delayed payment. Counsel for the Applicant submits that Rs.15 lakh is the approximate amount to be paid as interest by the Corporate Debtor on delayed payments.
(2.) The Counsel for the Corporate Debtor submitted that the claim in relation to Rs.6 lakhs stands rejected by the Auditor. As to the interest part, it has been concluded by the Auditor that there is no document evidencing the liability of the Corporate Debtor to pay interest on delayed payments. However, the Counsel for the Applicant is in agreement with the Auditor's report except the issues raised. The Counsel for the Corporate Debtor has reluctantly accepted the report of the Auditor.
(3.) Based on the report of the Auditor, the contentions raised by the Counsel for the Operational Creditors stand rejected for the reasons stated in the report of the Auditor.;