https://www.taxtmi.com/caselaws?id=430506 The Tribunal dismissed the Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor solely for the interest amount, as the Corporate Debtor had repaid the principal amount. The Tribunal emphasized that pursuing CIRP based only on interest was unjustifiable under Section 9 of the Insolvency and Bankruptcy Code, highlighting that interest clauses in invoices may not be sufficient grounds for initiating insolvency proceedings. The Tribunal criticized the Operational Creditor for prioritizing interest recovery over debt resolution, leading to the dismissal of the Petition. en-us Fri, 21 Oct 2022 00:00:00 +0530 Mon, 21 Nov 2022 09:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=430506 The Tribunal dismissed the Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor solely for the interest amount, as the Corporate Debtor had repaid the principal amount. The Tribunal emphasized that pursuing CIRP based only on interest was unjustifiable under Section 9 of the Insolvency and Bankruptcy Code, highlighting that interest clauses in invoices may not be sufficient grounds for initiating insolvency proceedings. The Tribunal criticized the Operational Creditor for prioritizing interest recovery over debt resolution, leading to the dismissal of the Petition. Case-Laws Insolvency and Bankruptcy Fri, 21 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=430506