https://www.taxtmi.com/caselaws?id=423212 Unpaid interest alone cannot trigger CIRP under the Insolvency and Bankruptcy Code where the entire principal debt has already been discharged. Reading the definitions of "financial debt", "debt" and "claim" together, the tribunal treated interest as inseparable from a subsisting underlying debt and held that it cannot be pursued in isolation once the principal liability no longer exists. Proceedings maintained only to recover interest, without a surviving debt, were also noted as potentially contrary to the object of the Code and capable of attracting Section 65. The insolvency petition was therefore held not maintainable and dismissed. en-us Mon, 23 May 2022 00:00:00 +0530 Thu, 02 Jun 2022 08:41:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423212 Unpaid interest alone cannot trigger CIRP under the Insolvency and Bankruptcy Code where the entire principal debt has already been discharged. Reading the definitions of "financial debt", "debt" and "claim" together, the tribunal treated interest as inseparable from a subsisting underlying debt and held that it cannot be pursued in isolation once the principal liability no longer exists. Proceedings maintained only to recover interest, without a surviving debt, were also noted as potentially contrary to the object of the Code and capable of attracting Section 65. The insolvency petition was therefore held not maintainable and dismissed. Case-Laws Insolvency and Bankruptcy Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423212