Retrospective cancellation of charitable registration under section 12AB(4) was unsustainable; related-party benefit allegations did not prove nongenu...
Merger control notice and disclosure rules: Supreme Court limits penalties, rejects reopening of approved combination, and sets aside adverse findings...
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Interest stated only in invoices, without a contractual term or established mutual acceptance, was held not to form part of the enforceable operational debt. The Appellate Tribunal treated the invoice clause as a unilateral stipulation, excluded the interest component from the debt computation, and found that only the admitted principal remained below the statutory threshold for a Section 9 application. It further held that the corporate debtor's denial of liability to pay interest created a live pre-existing dispute, which could not be decided in summary insolvency proceedings. The insolvency application was therefore not maintainable.
Interest stated only in invoices, without a contractual term or established mutual acceptance, was held not to form part of the enforceable operational debt. The Appellate Tribunal treated the invoice clause as a unilateral stipulation, excluded the interest component from the debt computation, and found that only the admitted principal remained below the statutory threshold for a Section 9 application. It further held that the corporate debtor's denial of liability to pay interest created a live pre-existing dispute, which could not be decided in summary insolvency proceedings. The insolvency application was therefore not maintainable.
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