https://www.taxtmi.com/caselaws?id=349201 A section 9 insolvency petition is not maintainable where a genuine pre-existing dispute exists over the debt or liability to pay interest. Here, the operational creditor's claim was linked to amounts retained under the contract as a lien against risk-and-cost recoveries, and the contract also barred payment of interest on the security deposit or any money due to the contractor. The underlying arbitral award had not attained finality because a section 37 appeal was pending, so the arbitral process remained unfinished. On these facts, the dispute over withholding of the principal amount and the contested interest claim defeated admission of the insolvency application, which was rejected. en-us Thu, 31 Aug 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349201 A section 9 insolvency petition is not maintainable where a genuine pre-existing dispute exists over the debt or liability to pay interest. Here, the operational creditor's claim was linked to amounts retained under the contract as a lien against risk-and-cost recoveries, and the contract also barred payment of interest on the security deposit or any money due to the contractor. The underlying arbitral award had not attained finality because a section 37 appeal was pending, so the arbitral process remained unfinished. On these facts, the dispute over withholding of the principal amount and the contested interest claim defeated admission of the insolvency application, which was rejected. Case-Laws Insolvency and Bankruptcy Thu, 31 Aug 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349201