https://www.taxtmi.com/caselaws?id=280439 The Appellate Tribunal dismissed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process against a Corporate Debtor. The Adjudicating Authority rejected the applications as the principal debt had been paid. The Tribunal clarified that the 14-day disposal requirement under Section 9 is not mandatory. It emphasized that interest, if not payable under an agreement, does not constitute the primary debt. Therefore, the Tribunal found the claims for interest unsustainable and ruled against initiating insolvency proceedings due to the absence of outstanding principal amounts. en-us Fri, 27 Jul 2018 00:00:00 +0530 Sun, 05 May 2019 08:43:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280439 The Appellate Tribunal dismissed applications under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process against a Corporate Debtor. The Adjudicating Authority rejected the applications as the principal debt had been paid. The Tribunal clarified that the 14-day disposal requirement under Section 9 is not mandatory. It emphasized that interest, if not payable under an agreement, does not constitute the primary debt. Therefore, the Tribunal found the claims for interest unsustainable and ruled against initiating insolvency proceedings due to the absence of outstanding principal amounts. Case-Laws Insolvency and Bankruptcy Fri, 27 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280439