company on the documents as may be required. Accordingly, the Corporate Debtor (Borrower) approached the Financial Creditor. At request of the Borrower (i.e. Respondent Debtor), the Financial Creditor disbursed an amount of ₹3,50,00,000/(Rupees Three Crores, Fifty Lakhs Only) on 27.10.2017 to the Corporate Debtor towards Short Term Working Capital, pursuant to an Inter Corporate Deposit Agreement (“ ICD Agreement ”) dated 26.10.2017. A copy of the said ICD Agreement is on record. The Petitioner/ Financial Creditor has submitted that, as per para 3.1 of the ICD Agreement, the interest rate payable till the Repayment Date (90 days from the date of the Inter Corporate Deposit Agreement) i.e. 24.01.2018, was 15% per annum amounting to ₹12,94,521/- (Rupees Twelve Lakhs, Ninety Four Thousand Five Hundred Twenty One only). As per Clause 3.2 of the said ICD Agreement, the default interest rate post 24.01.2018 (supra) was 2% more , i.e. 17% per annum till the date of default amounting to ₹25,75,616/- (Rupees Twenty Five Lakhs, Seventy Five Thousand Six Hundred Sixteen only), calculated up to 02.07.2018.
