that if before the admission of an application under Section 9 of the Code, the Corporate Debtor paid the total debt, the application for realization of interest cannot be pursued any further as it would be against the principle of IB Code and is liable to be treated as an application pursued by the Applicant with malicious intent (to realize interest only) which is not the purpose of the Code. In this regard a further reference can also be made in case of ‘ Permali Wallace Pvt. Ltd. Vs. Narbada Forest Industries Pvt. Ltd’. in Company Appeal (AT) (Ins) No. 36 of 2023 decided on 17.01.2023 whereby it has been held that IBC is not a recovery proceeding and the Application which has been filed by the appellant in the present case is only the application for recovery of balance amount of the interest and is not filed for resolution of any insolvency of the of the Corporate Debtor and the same is liable to be rejected. In the light of the law laid down in the aforesaid cases, in our considered view, after the payment of the principal amount of Rs.7,76,002 as claimed in part (IV) of the Petition under Section 9 of the Code, the Operational Creditor is not entitled to proceed with the case any further for recovery of some outstanding interest.
