https://www.taxtmi.com/caselaws?id=398390 An objection that invoice interest at 24% per annum was excessive under the Usurious Loans Act, 1918 failed because the rate was examined against prevailing market conditions and was not found to be usurious. The Tribunal also found that the operational debt and default were established under Section 9 of the Insolvency and Bankruptcy Code, 2016, since the statutory demand notice had been issued, no dispute was raised on debt or goods quality, and a settlement between third parties did not bind the petitioner. The petition was admitted, moratorium was ordered, and an Interim Resolution Professional was appointed. en-us Tue, 11 Aug 2020 00:00:00 +0530 Tue, 15 Sep 2020 11:04:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398390 An objection that invoice interest at 24% per annum was excessive under the Usurious Loans Act, 1918 failed because the rate was examined against prevailing market conditions and was not found to be usurious. The Tribunal also found that the operational debt and default were established under Section 9 of the Insolvency and Bankruptcy Code, 2016, since the statutory demand notice had been issued, no dispute was raised on debt or goods quality, and a settlement between third parties did not bind the petitioner. The petition was admitted, moratorium was ordered, and an Interim Resolution Professional was appointed. Case-Laws Insolvency and Bankruptcy Tue, 11 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398390