https://www.taxtmi.com/caselaws?id=343916 A section 9 Insolvency and Bankruptcy Code petition cannot be maintained on interest alone once the principal operational debt has been discharged. The Tribunal noted that operational debt under section 5(21) does not treat interest in the same manner as financial debt, and the original invoices contained no agreed interest clause. Later invoices adding interest were unilateral and not shown to have been accepted by the respondent, and no contractual or statutory basis for the claimed rate was established. In these circumstances, the remaining interest dispute did not justify admission of the insolvency petition, which was rejected. en-us Tue, 18 Apr 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343916 A section 9 Insolvency and Bankruptcy Code petition cannot be maintained on interest alone once the principal operational debt has been discharged. The Tribunal noted that operational debt under section 5(21) does not treat interest in the same manner as financial debt, and the original invoices contained no agreed interest clause. Later invoices adding interest were unilateral and not shown to have been accepted by the respondent, and no contractual or statutory basis for the claimed rate was established. In these circumstances, the remaining interest dispute did not justify admission of the insolvency petition, which was rejected. Case-Laws Insolvency and Bankruptcy Tue, 18 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343916