https://www.taxtmi.com/caselaws?id=755340 Operational debt for a Section 9 insolvency application must satisfy the statutory minimum under Section 4 of the Insolvency and Bankruptcy Code, 2016. Where the creditor had earlier pleaded in a civil suit that, after crediting part payment, the balance due was calculated with interest at 18% per annum, the creditor could not later rework interest at 24% per annum to cross the insolvency threshold. On the computation accepted on the creditor's own case, the debt remained below the prescribed minimum, so the Section 9 application was not maintainable and the admission order was set aside. en-us Tue, 09 Jul 2024 00:00:00 +0530 Thu, 11 Jul 2024 08:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755340 Operational debt for a Section 9 insolvency application must satisfy the statutory minimum under Section 4 of the Insolvency and Bankruptcy Code, 2016. Where the creditor had earlier pleaded in a civil suit that, after crediting part payment, the balance due was calculated with interest at 18% per annum, the creditor could not later rework interest at 24% per annum to cross the insolvency threshold. On the computation accepted on the creditor's own case, the debt remained below the prescribed minimum, so the Section 9 application was not maintainable and the admission order was set aside. Case-Laws Insolvency and Bankruptcy Tue, 09 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755340