https://www.taxtmi.com/caselaws?id=308830 The appeal against the rejection of a Section 9 Application under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Tribunal. The Adjudicating Authority had rejected the application, stating that the settlement amount did not qualify as operational debt under the IBC. The dispute arose over the unpaid balance interest amount, but the Tribunal upheld the Authority's decision, emphasizing that the IBC is not intended for recovery proceedings but for insolvency resolution. As the application solely sought recovery of the interest amount, the Tribunal found no error in the rejection and dismissed the appeal. en-us Tue, 17 Jan 2023 00:00:00 +0530 Wed, 26 Jul 2023 08:17:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=308830 The appeal against the rejection of a Section 9 Application under the Insolvency and Bankruptcy Code, 2016 was dismissed by the Tribunal. The Adjudicating Authority had rejected the application, stating that the settlement amount did not qualify as operational debt under the IBC. The dispute arose over the unpaid balance interest amount, but the Tribunal upheld the Authority's decision, emphasizing that the IBC is not intended for recovery proceedings but for insolvency resolution. As the application solely sought recovery of the interest amount, the Tribunal found no error in the rejection and dismissed the appeal. Case-Laws Insolvency and Bankruptcy Tue, 17 Jan 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=308830