https://www.taxtmi.com/caselaws?id=363085 Later acknowledgements of liability by the corporate debtor were treated as fresh recognition of the outstanding principal, so the limitation objection to the principal claim was not accepted. The claimed interest under the Micro, Small and Medium Enterprises Development Act, 2006 was disputed, did not arise from contract, and was held unsuitable for determination in a summary section 9 insolvency proceeding; the proper remedy lay under the MSMED Act mechanism. The result was that the petition could not be sustained on the disputed interest claim, and the insolvency application failed in the absence of a maintainable operational debt beyond the principal amount. en-us Tue, 15 May 2018 00:00:00 +0530 Sat, 07 Jul 2018 08:17:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363085 Later acknowledgements of liability by the corporate debtor were treated as fresh recognition of the outstanding principal, so the limitation objection to the principal claim was not accepted. The claimed interest under the Micro, Small and Medium Enterprises Development Act, 2006 was disputed, did not arise from contract, and was held unsuitable for determination in a summary section 9 insolvency proceeding; the proper remedy lay under the MSMED Act mechanism. The result was that the petition could not be sustained on the disputed interest claim, and the insolvency application failed in the absence of a maintainable operational debt beyond the principal amount. Case-Laws Insolvency and Bankruptcy Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363085