https://www.taxtmi.com/caselaws?id=417250 The Tribunal held that the claim for interest on delayed payment did not qualify as an operational debt under the Insolvency and Bankruptcy Code. The Adjudicating Authority's decision to reject the Application under Section 9 was upheld, as pursuing the application solely for the recovery of interest was deemed against the principles of the IBC. The Tribunal emphasized that the IBC is not meant to serve as a recovery mechanism for interest claims by Operational Creditors. The Appeal was dismissed with no order as to costs. en-us Mon, 17 Jan 2022 00:00:00 +0530 Wed, 19 Jan 2022 08:51:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417250 The Tribunal held that the claim for interest on delayed payment did not qualify as an operational debt under the Insolvency and Bankruptcy Code. The Adjudicating Authority's decision to reject the Application under Section 9 was upheld, as pursuing the application solely for the recovery of interest was deemed against the principles of the IBC. The Tribunal emphasized that the IBC is not meant to serve as a recovery mechanism for interest claims by Operational Creditors. The Appeal was dismissed with no order as to costs. Case-Laws Insolvency and Bankruptcy Mon, 17 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417250