https://www.taxtmi.com/caselaws?id=421636 An application under Section 9 of the Insolvency and Bankruptcy Code cannot be maintained or continued once the principal operational debt has been discharged, because a surviving claim for interest alone is not operational debt under Section 5(21). The text distinguishes operational debt from financial debt, noting that interest is expressly contemplated for financial debt under Section 5(8) but not for operational debt absent an agreed covenant. CIRP cannot be used as a recovery tool for an unagreed interest claim, and any separate remedy for interest, if available, must be pursued before the competent forum. en-us Tue, 19 Apr 2022 00:00:00 +0530 Fri, 29 Apr 2022 08:17:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421636 An application under Section 9 of the Insolvency and Bankruptcy Code cannot be maintained or continued once the principal operational debt has been discharged, because a surviving claim for interest alone is not operational debt under Section 5(21). The text distinguishes operational debt from financial debt, noting that interest is expressly contemplated for financial debt under Section 5(8) but not for operational debt absent an agreed covenant. CIRP cannot be used as a recovery tool for an unagreed interest claim, and any separate remedy for interest, if available, must be pursued before the competent forum. Case-Laws Insolvency and Bankruptcy Tue, 19 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421636