Particulars,Amount (Rs.),,,,
Total Invoice Amount from January 2020 to June 2021,"34,51,500",,,,
Less: Invoice amount raised during suspended period under
Section 10A of the Code","23,01,000",,,,
Net Total Invoice Amount,"11,50,500",,,,
Actual sales affected during January 2020 to June 2021,"12,07,678",,,,
Less: Actual sales effected during suspended period 25.03.2020
to 25.03.2021","6,77,046",,,,
Net Actual Sales effected for non-suspended period after
March 2021","5,30,632",,,,
Commission of the Applicant on actual sales effected during
February 2020 to June 2021","30,192",,,,
Less: Commission on actual sales effected during suspended
period 25.03.2020 to 25.03.2021","16,926",,,,
Net Commission on Actual Sales effected for non-suspended
period after March 2021","13,266",,,,
Security Amount claimed as Operational Debt,"65,00,000",,,,
Less: Security Amount as Financial Debt,"65,00,000",,,,
Net Security amount in Total Amount Claim in Default,0,,,,
Interest on Financial Debt Security Deposit,"11,70,000",,,,
Less: Interest on Financial Debt Security deposit asÂ
Financial
Debt and Interest will not be included in total amount","11,70,000",,,,
Net Interest Amount in Total Amount Claim in Default,0,,,,
Total  Amount  Claim  in  Default  (Less  than Â
minimum threshold limit of Rs. 1 Crore)","13,266",,,,
Sr.
No.","Invoice
No.",Invoice Date,"Amount
(Rs.)",Due Date,"Section 10A
Period
(A),Refundable Security Deposit,,"65,00,000",30-06-2021,
(B),Interest on Security Deposit,,,,
1.,FBD-19-20/AZI-04,31-03-2020,195000,31-03-2020,195000
2.,"FBD-2020-21/AZI-
01",30-06-2020,195000,30-06-2020,195000
3.,"FBD-2020-21/AZI-
02",30-09-2020,195000,30-09-2020,195000
4.,"FBD-2020-21/AZI-
03",31-12-2020,195000,31-12-2020,195000
5.,"FBD-2020-21/AZI-
03",31-03-2021,195000,31-03-2021,
6.,"FBD-2021-
2022/AZI-01",30-06-2021,195000,30-06-2021,
,,,1170000,,780000
(C),Commission,,,,
1.,GST/19-20/AZU-10,31-01-2020,191750,14-02-2020,
2.,GST/19-20/AZU-11,29-02-2020,191750,14-03-2020,
3.,GST/19-20/AZU-12,31-03-2020,191750,14-04-2020,191750
4.,"GST/2020-21/AZU-
01",30-04-2020,191750,14-05-2020,191750
5.,"GST/2020-21/AZU-
02",31-05-2020,191750,14-06-2020,191750
6.,"GST/2020-21/AZU-
03",30-06-2020,191750,14-07-2020,191750
7.,"GST/2020-21/AZU-
04",31-07-2020,191750,14-08-2020,191750
8.,"GST/2020-21/AZU-
05",31-08-2020,191750,14-09-2020,191750
9.,"GST/2020-21/AZU-
06",30-09-2020,191750,14-10-2020,191750
10.,"GST/2020-21/AZU-
07",31-10-2020,191750,14-11-2020,191750
11.,"GST/2020-21/AZU-
08",30-11-2020,191750,14-12-2020,191750
12.,"GST/2020-21/AZU-
09",31-12-2020,191750,14-01-2021,191750
13.,"GST/2020-21/AZU-
10",31-01-2021,191750,14-02-2021,191750
14.,"GST/2020-21/AZU-
11",28-02-2021,191750,14-03-2021,191750
15.,"GST/2020-21/AZU-
12",31-03-2021,191750,14-04-2021,
16.,GST/2021-22/AZ-01,30-04-2021,191750,14-05-2021,
17.,"GST/2021-22/AZU-
02",31-05-2021,191750,14-06-2021,
18.,"GST/2021-2022/AZ-
03",30-06-2021,191750,14-07-2021,
,,,3451500,,2301000
right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured;",,,,,
(11) “debt†means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt.,,,,,
We are of the considered view that the authorities: (i) Saiom Developers Pvt. Ltd. vs. R Square Shri Saibaba Abhikaran Pvt. Ltd., (ii)",,,,,
Consolidated Construction Consortium Ltd. Vs. Hitro Energy Solutions (P) (Ltd.), and; (iii) Mr. Rashpal Singh Todd vs. M/s Volkswagen",,,,,
Finance Pvt. Ltd., Company Appeal (AT) (Insolvency) No. 312 of 2021, (supra )relied upon by the Ld. Counsel for the operational Creditor are",,,,,
not applicable to the facts and circumstances of the present case. Rather, the Hon’ble Supreme Court in its recent judgment Global Credit",,,,,
Capital Limited & Anr. Vs. Sach Marketing Pvt. Ltd. & Anr .(supra), dated 25.04.2024, cleared the ambiguity with respect to the categorization of",,,,,
Security Deposit as financial debt or operational debt and has laid down an authoritative law on the said subject matter and held Security Deposit to be,,,,,
considered as a Financial Debt.,,,,,
Thus, in light of the discussion above and the relevant provisions of the Code, the amount of Rs. 65,00,000/- towards the security deposit along with",,,,,
Rs. 11,50,000/- as interest claimed by the Operational Creditor is a financial debt, not an operational debt.",,,,,
v. Whether the amount claimed by the Petitioner/Operational Creditor exceeds the threshold limit of Rs. One crore as prescribed under Section 4 of,,,,,
the Code.,,,,,
After deducting the amount falling under section 10A period and financial debt as discussed above, the remaining amount falls below the threshold",,,,,
limit of Rs. One crore. Thus, the issue of the amount claimed in default exceeding the threshold limit of Rs. One crore as prescribed under the Code,",,,,,
stands wiped out.,,,,,
16. In light of the discussion foregoing, the present petition is not maintainable as the amount claimed by the Operational Creditor, after excluding the",,,,,
amount falling under section 10A of the Code and financial debt as discussed in preceding paras, falls short of the minimum threshold value of Rs.",,,,,
One crore as prescribed under Section 4 of the Code.,,,,,
17. Thus, the present petition stands dismissed and disposed of accordingly, however, without any order as to costs.",,,,,
