https://www.taxtmi.com/caselaws?id=381890 Interest on unpaid sale price in a commercial supply transaction may be claimed as part of operational debt where no contractual prohibition applies. Section 61 of the Sale of Goods Act supports reasonable interest despite invoices lacking an express interest clause; a claimed rate of 24% was treated as excessive and reduced to 12% per annum for verification. Purchase orders, invoices and repeated acknowledgments supported unpaid operational debt, default and limitation, indicating that the insolvency petition met admission requirements. However, differing opinions prevented a common final disposal, and admission was deferred for reference. en-us Mon, 06 May 2019 00:00:00 +0530 Fri, 21 Jun 2019 08:53:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=381890 Interest on unpaid sale price in a commercial supply transaction may be claimed as part of operational debt where no contractual prohibition applies. Section 61 of the Sale of Goods Act supports reasonable interest despite invoices lacking an express interest clause; a claimed rate of 24% was treated as excessive and reduced to 12% per annum for verification. Purchase orders, invoices and repeated acknowledgments supported unpaid operational debt, default and limitation, indicating that the insolvency petition met admission requirements. However, differing opinions prevented a common final disposal, and admission was deferred for reference. Case-Laws Insolvency and Bankruptcy Mon, 06 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=381890