https://www.taxtmi.com/caselaws?id=379788 The tribunal dismissed the application to initiate the Corporate Insolvency Resolution Process against the respondent company, as the principal amount had been paid before the hearing, and the claim for 24% interest was deemed excessive and unsupported by any agreement. Citing legal precedents, the tribunal held that interest claims without a contractual basis cannot be the grounds for commencing insolvency proceedings, leading to the dismissal of the application without costs. en-us Fri, 01 Mar 2019 00:00:00 +0530 Tue, 07 May 2019 09:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379788 The tribunal dismissed the application to initiate the Corporate Insolvency Resolution Process against the respondent company, as the principal amount had been paid before the hearing, and the claim for 24% interest was deemed excessive and unsupported by any agreement. Citing legal precedents, the tribunal held that interest claims without a contractual basis cannot be the grounds for commencing insolvency proceedings, leading to the dismissal of the application without costs. Case-Laws Insolvency and Bankruptcy Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379788