30 days from the date of invoice through Electronic Bank Transfer/Cheque. On the same day, an Addendum to the Service Agreement ("Addendum") was executed wherein it was agreed that in case of a delay beyond 30 days from the date of an invoice, the Corporate Debtor would pay an interest amount calculated at 2% per month i.e. 24% per annum on the invoices issued by the Operational Creditor. In the month of October 2017, the Operational Creditor provided its services to the Corporate Debtor in terms of the Service Agreement and accordingly raised Invoice No. Sparta/17-18/G-81 for an amount of Rs. 24,41,846/- ("Invoice"). The Corporate Debtor failed to clear the said payment within 30 days of the receipt of the invoice and kept avoiding making the payment for reasons best known to them. Subsequently, between January 2018 to March 2018, the Corporate Debtor made several partial payments totalling to Rs. 2,60,000/towards the Invoice and the balance amount of Rs. 21,81,846/- along with the accrued interest remains unpaid till date. The Corporate Debtor has failed to clear the debt towards the outstanding Invoice and now the Corporate Debtor owes a total of Rs. 31,00,273/- ("Operational Debt") which includes an interest of Rs. 9,18,427/- calculated at 24% per annum from the date of default till date the of the Demand Notice.
