https://www.taxtmi.com/caselaws?id=372357 Sections 3 and 4 of the Usurious Loans Act, 1918 do not apply to applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, because insolvency proceedings are not recovery suits and the Adjudicating Authority exercises a limited jurisdiction confined to debt and default. The authority cannot reopen the loan transaction or test the claim for excessive or extortionate interest under the Usurious Loans Act. If the Section 7 application is otherwise complete and debt and default are established, it must be admitted unless another statutory defect exists. en-us Thu, 29 Nov 2018 00:00:00 +0530 Fri, 21 Dec 2018 06:52:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372357 Sections 3 and 4 of the Usurious Loans Act, 1918 do not apply to applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, because insolvency proceedings are not recovery suits and the Adjudicating Authority exercises a limited jurisdiction confined to debt and default. The authority cannot reopen the loan transaction or test the claim for excessive or extortionate interest under the Usurious Loans Act. If the Section 7 application is otherwise complete and debt and default are established, it must be admitted unless another statutory defect exists. Case-Laws Insolvency and Bankruptcy Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372357