https://www.taxtmi.com/caselaws?id=399758 The Tribunal dismissed the Petition under Section 7 of the I&B Code, 2016, as the conversion of interest into equity shares extinguished the debt, and no financial debt or default was found. The Petitioner's claim for further interest on delayed payments was rejected, emphasizing that the I&B Code is not meant for mere recovery but for initiating CIRP for valid reasons. The Petitioner was directed to pursue recovery through other legal avenues. en-us Mon, 10 Feb 2020 00:00:00 +0530 Mon, 19 Oct 2020 09:53:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=399758 The Tribunal dismissed the Petition under Section 7 of the I&B Code, 2016, as the conversion of interest into equity shares extinguished the debt, and no financial debt or default was found. The Petitioner's claim for further interest on delayed payments was rejected, emphasizing that the I&B Code is not meant for mere recovery but for initiating CIRP for valid reasons. The Petitioner was directed to pursue recovery through other legal avenues. Case-Laws Insolvency and Bankruptcy Mon, 10 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=399758