ORDER

Per: Prabhat Kumar, Member (Technical)

1. This Application IA no. 1691/2023 is filed under section 60(5) of the Insolvency & Bankruptcy Code, 2016 (“Code”) by M/s PCI Geometics Enterprises Inc. (“Applicant”) in the Corporate Insolvency Resolution Process (“CIRP”) of M/s Rolta India Limited (‘Corproate Debtor”) for admission claim alongwith interest and for order seeking termination of contract in case these amounts are not paid by the Corporate Debtor. The Applicant has prayed the following :

a. An order to admit claim of interest of USD 546,863, which is @ 1.5% p.m. on admitted bills of USD 420,000;

b. An order to admit claim of bill No. 10930 for USD 212,500, which is within the contracted period up to August 11, 2018 and with interest @ 1.5% p.m. i.e., USD 168,938;

c. An order to admit the claim where the agreement was not extended but service was provided from August 11, 2018 to January 19, 2023 (CIRP date) invoice price of USD 1,925, 416 and interest of USD 426,862 @ 1.5% p.m.; and d. An order to terminate all the agreements with corporate debtor in case of non-payment/admission of claims.

C.P.(IB) No. 530/MB/2020 3

2. The applicant had filed a case No. CP(IB)1320/(MB)/2022 against M/s Rolta India Limited as operational Creditor under section 9 of Insolvency and Bankruptcy code on 31.10.2022, the same was listed before NCLT, Mumbai Bench-V and the notice was issued and delivered on 17.01.2023, but the Corporate Debtor was admitted into CIRP on 19.01.2023 in another Petition no. CP(IB) 530/2020 and Ms. Mamta Benani was appointed as Interim Resolution Professional, later on confirmed as the Resolution Professional. Accordingly, the Petition of the Applicant was declared as infructuous on 30.3.2023.

2.1. The Applicant filed claim in Form B on 25.02.2023 claiming total amount of USD 37,00,579/-, which included USD 11,42,663/- as interest @ 1.50% p.m. The details are stated as follows – a. The extended agreement between petitioner and respondent was ended on 11.08.2018 and outstanding bills 10562 for USD 417,500, out of this part payment was made after two months from the due date for USD 207,500, so outstanding balance of USD 210,000 and Invoice No. 10685 for USD 210,000;

b. bill No. 10930 for USD 212500 for second half of the year;

c. bill No. 10931 for USD 427,500, 10932 for USD 432,500, 10933 for USD 437,500 and 10934 for USD 442,500 for 4 years from August 2018 onwards;

d. The bill No. 10935 for USD 222,500 for the first half year i.e., from August 11, 2022 to February 10, 2023, the C.P.(IB) No. 530/MB/2020 4 petitioner deducted for one month for USD 37084 from January 11,2023 to February 10, 2023.

e. Interest amounting to USD 11,42,663/-.

2.2. It is the case of the applicant that as per letter related to Intimation of List of Creditors addressed to BSE & NSE dated 14.03.2023 and copy marked to petitioner through email dated 15.03.2023 and shown in Annexure 8 against item No. 58 claim submitted showed as USD 3,700,579 correctly but the claim accepted only for invoice price of USD 420,000 without any interest.

2.3. The Applicant has stated that the bills after August 2018 were issued under deemed agreement up to February 2023, but claimed submitted only up to CIRP date i.e., January 19, 2023, because the service of maintenance was continued. That from 11.08.2018 to 19.01.2023 (CIRP date) the service was provided and regular invoices were also submitted through bill No. 10931 for USD 427,500, 10932 for USD 432,500, 10933 for USD 437,500 and 10934 for USD 442,500, The bill No. 10935 for USD 222,500 for the first half year i.e., from August 11, 2022 to February 10, 2023, we have deducted for one month for USD 37084 from January 11, 2023 (CIRP date) to February 10, 2023.

2.4. After admitting the amount of USD 420,000, invoice amount USD 2,137,916 along with interest USD 1,142,663 are due, because the respondent