https://www.taxtmi.com/caselaws?id=282823 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable where the corporate debtor admitted receipt of financial advance and part-payment, leaving an unpaid financial liability. Although the contractual rate of interest was disputed as excessive, the Tribunal treated the underlying debt as continuing to exist and found that, even after excluding interest, the default exceeded the statutory minimum threshold under section 4. The objection based on the Bengal Money-Lenders Act, 1940 was not accepted as defeating default, and no challenge was raised under sections 185 or 186 of the Companies Act, 2013. en-us Thu, 04 Apr 2019 00:00:00 +0530 Tue, 27 Aug 2019 06:13:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=282823 An application under section 7 of the Insolvency and Bankruptcy Code was found maintainable where the corporate debtor admitted receipt of financial advance and part-payment, leaving an unpaid financial liability. Although the contractual rate of interest was disputed as excessive, the Tribunal treated the underlying debt as continuing to exist and found that, even after excluding interest, the default exceeded the statutory minimum threshold under section 4. The objection based on the Bengal Money-Lenders Act, 1940 was not accepted as defeating default, and no challenge was raised under sections 185 or 186 of the Companies Act, 2013. Case-Laws Insolvency and Bankruptcy Thu, 04 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=282823