https://www.taxtmi.com/caselaws?id=353115 Usurious loan charges may bar insolvency recovery where the interest structure is excessive and the transaction is substantially unfair under the Usurious Loans Act, 1918. The claimed debt included advance interest, additional daily default interest, minimum interest, pre-closure charges and future interest; deductions from the sanctioned amount reduced the actual disbursement and produced an excessive annualised borrowing cost. The National Company Law Tribunal treated the charging structure as unreasonable and declined to permit recovery on those terms through corporate insolvency proceedings. The creditor could pursue relief before the appropriate forum. en-us Wed, 15 Nov 2017 00:00:00 +0530 Wed, 03 Jan 2018 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353115 Usurious loan charges may bar insolvency recovery where the interest structure is excessive and the transaction is substantially unfair under the Usurious Loans Act, 1918. The claimed debt included advance interest, additional daily default interest, minimum interest, pre-closure charges and future interest; deductions from the sanctioned amount reduced the actual disbursement and produced an excessive annualised borrowing cost. The National Company Law Tribunal treated the charging structure as unreasonable and declined to permit recovery on those terms through corporate insolvency proceedings. The creditor could pursue relief before the appropriate forum. Case-Laws Insolvency and Bankruptcy Wed, 15 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353115