https://www.taxtmi.com/caselaws?id=305197 The Tribunal held that the Corporate Insolvency Resolution (CIR) Process cannot be initiated solely based on defaulted interest without including the principal amount. As per the Insolvency and Bankruptcy Code (IBC), a financial debt must include both principal and interest. Since the principal amount was not yet due and payable, the interest alone did not constitute a financial debt in default. Therefore, the application filed under Section 7 of the IBC solely for the interest amount was dismissed by the Tribunal. en-us Mon, 23 May 2022 00:00:00 +0530 Fri, 20 Feb 2026 17:21:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305197 The Tribunal held that the Corporate Insolvency Resolution (CIR) Process cannot be initiated solely based on defaulted interest without including the principal amount. As per the Insolvency and Bankruptcy Code (IBC), a financial debt must include both principal and interest. Since the principal amount was not yet due and payable, the interest alone did not constitute a financial debt in default. Therefore, the application filed under Section 7 of the IBC solely for the interest amount was dismissed by the Tribunal. Case-Laws Insolvency and Bankruptcy Mon, 23 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305197