https://www.taxtmi.com/caselaws?id=289805 The Tribunal rejected an Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code against a Corporate Debtor for a default amount. The Adjudicating Authority found the Corporate Debtor solvent and capable of payment, deeming the application malicious due to the pursuit of insolvency solely for interest recovery. The Tribunal declined relief to the Appellant, suggesting settlement for the principal amount to renew the lapsed Demand Draft. No costs were awarded in the matter. en-us Mon, 25 Nov 2019 00:00:00 +0530 Sun, 23 Aug 2020 09:41:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=289805 The Tribunal rejected an Operational Creditor's application under Section 9 of the Insolvency and Bankruptcy Code against a Corporate Debtor for a default amount. The Adjudicating Authority found the Corporate Debtor solvent and capable of payment, deeming the application malicious due to the pursuit of insolvency solely for interest recovery. The Tribunal declined relief to the Appellant, suggesting settlement for the principal amount to renew the lapsed Demand Draft. No costs were awarded in the matter. Case-Laws Insolvency and Bankruptcy Mon, 25 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=289805